REG - Target H'care REIT - Disposal of four care homes in Northern Ireland

Target Healthcare ReitAnnouncement

27/03/2023 07:00

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RNS Number : 2295U  Target Healthcare REIT PLC  27 March 2023

27 March 2023

Target Healthcare REIT plc and its subsidiaries

("Target Healthcare" or "the Group")

Disposal of four care homes in Northern Ireland

Target Healthcare (LSE: THRL) announces that it completed the disposal of four
care homes in Northern Ireland on 24 March 2023. This disposal forms part of
the Group's wider asset management activity and represents around 2.5% of the
Group's overall portfolio value. The disposal price is supportive of the
Group's valuations, being ahead of carrying value at both 30 June 2022 (the
Group's last financial year-end) and 31 December 2022, and results in an
annualised IRR in excess of 10% over the period of ownership.

Whilst these properties were originally acquired as long-term investments, the
Group continually monitors the performance of its assets at an individual
property level, updating its strategy as circumstances develop.

Scott Steven, Head of Asset Management at Target Fund Managers, commented:

 "These care homes have been a successful investment for the Group,
delivering strong returns.  The disposal is part of our commitment to
pro-actively manage the portfolio and provide an attractive and sustainable
level of income, together with the potential for growth, from a diversified
portfolio of modern, purpose built care homes."

LEI: 213800RXPY9WULUSBC04

All enquiries:

 Target Fund Managers Limited                     01786 845 912

 Kenneth MacKenzie / Gordon Bland

 Stifel Nicolaus Europe Limited                   020 7710 7600

 Mark Young / Rajpal Padam

 FTI Consulting                                   020 3727 1000

 Dido Laurimore / Richard Gotla / Talia Shirion   TargetHealthcare@fticonsulting.com

Notes to editors:

UK listed Target Healthcare REIT plc (THRL) is an externally managed Real
Estate Investment Trust which provides shareholders with an attractive level
of income, together with the potential for capital and income growth, from
investing in a diversified portfolio of modern, purpose-built care homes.

The Group's portfolio at 31 December 2022 comprised 100 assets let to 33
tenants with a total value of £867.7 million.

The Group invests in modern, purpose-built care homes that are let to high
quality tenants who demonstrate strong operational capabilities and a strong
care ethos. The Group builds collaborative, supportive relationships with each
of its tenants as it believes working in this way helps raise standards of
care and helps its tenants build sustainable businesses. In turn, that helps
the Group deliver stable returns to its investors.

 

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