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Target Healthcare REIT raises £50m

Target Healthcare REIT raised £50 million through a share placing to fund further acquisitions, Morningstar has reported.

Target originally planned to raise £40 million, as previously reported by HealthInvestor UK, but said investor demand exceeded the amount of stock it originally intended to place.

The company placed 45.9 million shares at 109p per placing shares – with shares up 0.6% yesterday at 109.61p per share.

The news follows the purchase of two luxury care home developments from Hamberley Developments in Oxford and Kent for a combined £37 million.

Target Healthcare chair Malcolm Nash said: “The support shown by both existing and new shareholders in this fundraise has been very pleasing and a clear endorsement of our investment proposition.

“Throughout this process we have, as ever, remained focused on meticulously securing the right assets with the right quality of facilities, after extensive due diligence and carefully aligning these purchases with our equity requirements.

“The £37 million purchase of the Hamberley assets yesterday, as well as further progress on both our near and medium-term investment pipeline, gives us confidence that the company can invest these equity proceeds and available debt, whilst remaining careful and highly selective in terms of the real estate we acquire and partners that we seek to engage with.”

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Posted on: 09/11/2018

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