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HPC acts for private investor in £11.5m care homes sale to Target Healthcare REIT

Specialist Healthcare Property Consultant HPC has acted on behalf of private investor Mike Bullas in the sale of two care home investments to Target Healthcare REIT Limited at a price of approximately £11.5 million, including costs.

HPC acts for private investor in £11.5m care homes sale to Target Healthcare REIT
HPC acts for private investor in £11.5m care homes sale to Target Healthcare REIT

The care homes are situated in St Helens, Merseyside and Longridge near Preston. Both homes opened in 2008, when they were acquired by Mr Bullas, and provide a total of 154 en-suite bedrooms in modern, purpose built buildings. The care homes are leased to existing operator Orchard Care Homes with a period of approximately 30 years remaining. Target is a specialist investor in UK care homes and the acquisition sees its portfolio increase to ten care homes since it listed its shares on the London Stock Exchange’s Main Market in March 2013. Target were advised by Richard Harris of Vector Property Group throughout the acquisition.

Ian Wilkie, Director of HPC commented, “we are delighted to have handled the sale on behalf of Mr Bullas, which through the efforts of all parties completed just over 4 weeks after agreeing Heads of Terms.” He added, “Mr Bullas is a long-standing client with an extensive pedigree in the care sector, which includes investment, development and operation in both elderly and specialist care.”

Commenting on the sale, Mike Bullas said, “We are currently involved in rolling out over £25m of new and exciting projects in Yorkshire, Lincolnshire and the Midlands through our development and operating company, Blue Brick Healthcare. These are state-of-the-art care homes offering exceptional levels of care and facilities.” He added, “Having held the St Helens and Longridge assets for 5 years, it was strategically the right time to sell these to allow us to focus on developing more sites through Blue Brick Healthcare.”

Kenneth MacKenzie, Managing Partner of Target Advisers LLP, commented on the acquisition: “We are delighted to have completed this acquisition, adding a further two modern, purpose-built care homes to the portfolio as well as broadening the Company’s geographic footprint and tenant base.”