Target Healthcare REIT has completed its upsized £60m equity fundraising.
The company’s issue of 54,054,054 new shares was oversubscribed, with chairman Malcolm Naish describing the shareholder reaction as “a strong endorsement of the company’s investment case, purpose and outlook as we emerge from this pandemic and resume the careful expansion of the portfolio in line with our stringent investment strategy”.
Target Healthcare had planned to raise £50m in the transaction but scaled up the amount following a better-than-expected reaction from shareholders during marketing.
When the company announced the deal – the results of which are expected tomorrow – it said investment manager Target Fund Managers had identified a pipeline of new acquisitions valued at £224m, including £47m of “imminent acquisitions” across three care homes and one forward-funding project.
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