Target Healthcare REIT has raised a further £84m to expand its care home estate following an initial placing and offer for subscription of 80m new ordinary shares last month at 105p per share. The proceeds will go towards the acquisition of three new care homes (see this issue: New Developments).
In its previous share offering, Target issued 25m shares in early 2015.
Malcolm Naish, non-executive chairman of Target, said: ’We are delighted and encouraged by the support shown from existing and new investors in this fundraising, particularly given the background of challenging real estate equity markets. The fundraising will allow the company to take advantage of a strong and attractive pipeline of opportunities and will ensure it is well positioned to provide significant value to shareholders.’
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