Target Healthcare REIT – UK Care Homes
/ Debt

£50,000,000 Senior Secured Fixed Rate Term Loan due 2032

IDCM were mandated by Target to arrange a £50m 12 year Term Loan, secured on a pool of modern purpose built care homes in the UK. We were pleased to have concluded this refinancing in what is generally seen as a “difficult” sector with a chequered past, in which highly levered operators and conservatively geared landlords, such as Target, are all too often tarred with the same brush.

A single institutional investor provided the funds for what, we believe, was the first long dated institutional corporate (non CMBS) debt transaction for a landlord in the Care Home sector.

IDCM worked closely with potential investors to help them appreciate the difference between the landlord and operator model. We carefully structured the transaction to allow Target sufficient operational flexibility.

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