O’Kane Commercial acquire Carlingford Lodge Care Home on behalf of Target Healthcare REIT
Carlingford Lodge acquired
O’Kane Commercial acquire Carlingford Lodge Care Home on behalf of Target Healthcare REIT.
O’Kane Commercial have recently completed the acquisition of Carlingford Lodge Care Home on behalf of Target Healthcare REIT. Target are the only publicly listed specialist investor in UK care homes. The acquisition of the 74-bed care home in Warrenpoint, Northern Ireland was valued at around £5.75 million, including acquisitions costs. The Purchase price represents an initial yield in excess of 7%.
The home, Carlingford Lodge, is operated by Amore Care, a subsidiary of Priory Group, which will retain the contract for a 30 year term under the new ownership arrangements.
The home opened in 2011 and comprises of 74 single bedrooms with full en suite bathrooms including wetroom showers. It has a number of large resident lounges and dining rooms as well as a hairdressing and beauty salon and enclosed garden.
Kenneth MacKenzie, managing partner of Target Advisers LLP, says: “We are delighted to announce the completion of this acquisition. This care home, operated by a tenant who is well known to us, adds another quality property to the group’s portfolio and increases our presence in Northern Ireland. We continue to work towards the timely deployment of the proceeds from our recent fundraise. To that end, we are progressing a number of additional opportunities and expect to make further announcements in relation to these in due course.”
John Flannelly, Investment Partner at Target Advisers LLP said ” Mark O’Kane’s sector knowledge and local contacts played an important role in assisting us to manage this transaction to a successful conclusion”