Walton HPC is delighted to announce the acquisition on behalf Target Healthcare REIT Limited of Mossvale Care Centre for approximately £4.3 million including acquisition costs.
Located in the suburbs of Glasgow, Scotland's largest city, the care home is a modern facility which was opened in November 2013.
The care home is leased to existing operator Mossvale Care Home Limited for a period of 30 years and the transaction represents an initial yield in excess of 7.75%. The rent payable under the lease is subject to an annual uplift in line with the retail prices index subject to a cap and collar.
The home now forms part of the Care Concern Group operation. Headquartered in, Berkshire, Care Concern Group currently operates 22 care homes across the UK and represents the Reit fund's fourth tenant.