Acquisition of Yorkshire care homes portfolio gets property consultancy's approval
Knight Frank has advised Darrington Healthcare on the sale of a portfolio of Yorkshire care homes to Target Healthcare REIT.
The sum has not been disclosed. The portfolio includes Oak Park Care Home, Dewsbury; Willow Park Care Home, Pontefract; Birch Park Care Home, Cleckheaton; Elm Park Care Home, Doncaster; and Sycamore Park Care Home in Huddersfield.
The facilities offer residential, nursing and dementia care, with around 360 beds, as well as amenities such as cinemas and salons.
The homes are leased to Bondcare on new 35-year RPI-linked leases as part of the deal.
Nick Kempster, associate in healthcare agency and development at Knight Frank, said: “We are pleased to have advised the shareholders of Darrington Healthcare on the sale of their high-income generating portfolio of care homes, which has consistently seen strong occupancy rates and offers a stable platform for the incoming tenant.
“This deal once again shows the demand from institutional investors for long indexed leased income within the healthcare sector and builds on our recent successes of Project Mayfair and Project Campion, both which were both structured in the same way.”
John Flannelly, head of investment at Target Fund Managers, concluded: “We are delighted to have completed the acquisition of this high-quality portfolio of care homes which has given us the opportunity to strengthen our relationship with an existing tenant.
“The complex transaction process was professionally managed at all times by the Knight Frank team.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.