Target Healthcare REIT reports 20% rise in H1 portfolio value

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Target Healthcare REIT has reported a 20% increase in its portfolio value in the first half of the financial year ending December 31 2018.

Total value of the portfolio, which includes 61 assets, rose to £464m in the period from the £386m in the year earlier. Group specific adjusted EPRA earnings were up by 22.1% to 9.5m from £7.8m year on year.

Managing Partner Kenneth MacKenzie told CHP: “We set out to be an active supporter of the smaller operators and that is reflected in us having at the moment 21 different tenants. With the assets that we have going through diligence we will be up to 26 operators in a few months’ time.”

The REIT agreed to acquire seven assets, representing a mix of operational homes and forward fund developments, during the period, for a total value of £81.8m.

The managing partner said the REIT had “capacity to continue to grow” having made initiated two fundraisings during 2018/19.

Kenneth said Target had £100m in “firepower” to deploy on further acquisitions in the coming period.

“The market pressure continues to be positive in terms of demographics,” Kenneth noted.

“We are very much in the business of supporting the smaller regional operators. We like that family business aspect of what we do.”

The managing partner said the REIT’s goal remained to help replace the 80% of ageing care home stock with inadequate wetroom facilities in the country.

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