The Kames Target Healthcare Property Fund has acquired a new specialist care property for its portfolio.
Ideal Care Home’s 41 bed Fairway View Care Home in Bulwell Nottinghamshire is a new build facility providing residential and dementia care and is the fund’s thirteenth property. It has been let to Ideal Care Homes Limited on a 35-year lease.
The £78.5million* Kames Target Healthcare Property Fund was launched in 2010 and currently has a portfolio of 13 high grade healthcare properties, let to quality operators. The value of the portfolio has increased by 7.55%** since acquisition and the fund is now making distributions which are due to increase annually in line with inflation.
The fund invests primarily in newly built care facilities. This ensures the provision of excellent purpose built accommodation which, in turn, is managed by operators who share the fund’s philosophy of providing first class care.
The fund is a partnership between Kames Capital as the fund manager and Target Advisers LLP as the investment manager. Target provides the expertise in the care home market, undertaking initial and on-going in-depth due diligence on business plans and management accounts to ensure risks are minimised.
Fund manager Gillian Bowman says: ‘The Fairway View Care Home fits perfectly with our investment criteria. It is a high specification newly built home for residential and dementia care, and is let to a quality healthcare provider. These are the types of property we believe will be progressively more in demand as the UK’s population becomes increasing aged over the coming decades.’
Kames Capital is an AEGON Asset Management company with a £50.1bn* under management and 242 employees. They manage income, equity, property and multi-assert investments.
*Source: Kames Capital as at 31 March 2012