PROPERTY group Target Healthcare REIT has announced the sale of four care homes in the north for around £22 million.
The London-listed investment firm said the disposal, completed last week, marked its full exit from Northern Ireland. It has not named the buyer.
While the care homes have not been identified by the company, Target Healthcare’s property portfolio website lists just four sites in the north: Carlingford Lodge in Warrenpoint; Blair House in Newtownards; Bohill House and Bohill House Bungalows, both in Coleraine.
In a statement, Target Healthcare said while the 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”.
The company said the £22 million sale price was based on a June 2022 valuation and represented around 2.5 per cent of the group's overall portfolio value.
Target originally acquired Carlingford Lodge in 2016 for around £5.75m.
It’s understood the four homes are operated by Healthcare Ireland (HCI). They were among a number of sites the Holywood-based company took over from the Priory Group last year.
Commenting on the sale, Scott Steven, head of asset management at Target Fund Managers, said: "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."
