Target Healthcare REIT

Name

Target Healthcare REIT

Legal name

Target Healthcare REIT plc

Website

https://targethealthcarereit.co.uk

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (Care Home REIT)

NAICS

Portfolio Management and Investment Advice (523940), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Care home REIT
• Healthcare property investment
• Purpose-built care homes
• UK real estate trust
• Inflation-linked leases

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Rental income from care home leases: Primary revenue is contracted rent received from 31 care home tenants under long-term, inflation-linked leases; portfolio generated £60.1m of contracted rent as at 31 March 2026 and £903.2m of property value, with a WAULT of 26.1 years.
2. Property acquisitions and forward-funding deployments: Capital is deployed into new and existing care home assets (e.g., £45m acquisition of three operational homes plus a forward commitment in December 2025) and selectively recycled through disposals (e.g., £86m disposal of nine homes post-30 June 2025 at an 11.6% premium to carrying value).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Target Healthcare REIT plc is a UK-listed care home Real Estate Investment Trust that invests exclusively in modern, purpose-built UK care homes with en-suite wet rooms and leases them long-term to specialist care home operators under inflation-linked contracts. The company generates contracted rental income from 31 tenants across 86 properties (£60.1m contracted rent, £903.2m property value, 26.1-year WAULT as at 31 March 2026) and raises equity capital through periodic fundraisings on the London Stock Exchange main market.

Product overview

Target Healthcare REIT plc is a single-platform UK-listed care home Real Estate Investment Trust (REIT) on the LSE main market, with a portfolio-and-properties offering rather than a platform-plus-modules technology architecture. The core platform is the REIT itself, which invests exclusively in modern, purpose-built care homes with en-suite wet rooms. Sitting beneath that core product is a property portfolio of 86 UK care homes (including featured sub-products Chawley Grove, Roden Hall, The Oaks, Goldwell Manor, Woodland View, The Manor, and Monkbarns), managed by the specialist investment manager Target Fund Managers Limited. Wrapping around this is the Targeting Tomorrow ESG charter (the responsible investment framework) and an Investor Relations Programme providing share price information, dividends, regulatory news, and reports.

Differentiator

Problem solved

Functional benefit

Products and services

• Target Healthcare REIT plc (UK-listed care home REIT) UK-listed Real Estate Investment Trust on the LSE main market (ticker THRL) that invests exclusively in modern, purpose-built UK care homes with en-suite wet rooms and generates sustainable rental income and capital returns for shareholders. Portfolio of 86 properties, £60.1m contracted rent, £903.2m property value, 31 tenants, and 26.1-year WAULT as at 31 March 2026.
• UK Care Home Property Portfolio (86 properties) UK-wide portfolio of 86 purpose-built modern care homes generating £60.1m of contracted rent across 31 specialist care home operators; 100% of bedrooms have en-suite wet-room facilities and properties span regions including South East, Scotland, Wales, East Midlands and West Midlands. Filterable by region and operator on the company website.
• Target Fund Managers Limited (FCA-authorised Investment Manager) Specialist FCA-authorised and regulated investment manager providing investment activity, asset management, healthcare sector expertise, investor relations, finance and company secretarial services to Target Healthcare REIT plc and its client funds, led by founder and CEO Kenneth MacKenzie from Stirling, Scotland.
• Targeting Tomorrow (ESG Charter and Net Zero Carbon Pathway) Responsible investment framework governing the REIT's responsible investment, responsible partnerships and responsible business pillars, aligned with UN Sustainable Development Goals, including a Science-based Net Zero Carbon Pathway covering operations and Scope 3 downstream emissions from tenants and residents.
• Investor Relations Programme Investor communications offering including share price lookup, investment calculator, dividend history, regulatory news (RNS) alerts, annual and interim reports, quarterly investor reports, research notes and prospectus/circulars; quarterly dividends expected in February, May, August and November.

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Kames Capital (now Aegon Asset Management)flagshipStrategic or Co-development Partner · 1 September 2009Kames Capital jointly managed the original Kames Target Healthcare Fund with Target under a joint mandate. This partnership catalysed the launch of the listed REIT in March 2013 and established the specialist investment approach that continues today via Target Fund Managers.
• American Real Estate investor (unnamed)coreStrategic or Co-development Partner · 1 August 2008In August 2008, CEO Kenneth MacKenzie met with a significant American real estate investor and agreed to explore setting up a new UK property fund investing in modern purpose-built care homes - this collaboration laid the groundwork for the subsequent Kames Target Healthcare Fund and the eventual Target Healthcare REIT. The specific investor is not named.
• Target Fund Managers LimitedflagshipImplementation/ SI/ Consulting PartnerTarget Fund Managers Limited (1st Floor, Glendevon House, Castle Business Park, Stirling, FK9 4TZ) is the FCA-authorised and regulated Investment Manager of the REIT, providing specialist investment, asset management, investor relations, finance and company secretarial services under a long-standing mandate.

Scale indicators17 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Impact Healthcare REIT: UK-listed REIT focused on UK care home real estate leased to operators on long-term, inflation-linked leases — Target's closest historical direct competitor in the UK purpose-built care home niche. Acquired by Aedifica in 2023, but the underlying portfolio remained the most directly comparable peer set.
• Care REIT plc: UK-listed REIT investing in modern, purpose-built care home real estate on long leases to specialist operators — directly comparable to Target's mandate of wet-room-equipped, ESG-compliant assets. Closest active direct peer for UK care home property investors.
• Primary Health Properties (PHP): UK-listed REIT focused on primary healthcare property (GP surgeries, health centres) leased predominantly to the NHS on long-term contracts. Comparable as a UK healthcare property REIT with long-WAULT, inflation-linked income, although primary-care rather than care-home exposure.
• Assura plc: UK-listed REIT specialising in primary care and NHS-let medical property. Comparable to Target as a UK healthcare real estate income vehicle with a defensive, long-lease tenant base, though focused on primary rather than elderly care.
• Civitas Social Housing: UK-listed REIT investing in social housing property on long-term inflation-linked leases to regulated providers. Comparable to Target in structure (specialist UK social infrastructure REIT, long-WAULT leases, lease-based contracted income) though focused on supported living rather than care homes.

Broad incumbents

• Aedifica: Belgian-listed European healthcare REIT operating across Belgium, Germany, the Netherlands, Finland, Sweden, Ireland and the UK (via the Impact Healthcare REIT acquisition). Comparable as a larger, geographically diversified healthcare real estate platform with similar long-lease, inflation-linked economics.
• Cofinimmo: Belgian-listed REIT with a healthcare property portfolio including care homes and healthcare facilities across Europe. Comparable as a European healthcare REIT peer with long-lease, inflation-linked income and a specialist healthcare focus.
• Medical Properties Trust: US-listed REIT focused on acute care and behavioural health hospital real estate. Comparable as a healthcare-property REIT with long-lease economics, although it operates in the US and across a different care segment.
• Welltower: US-listed S&P 500 healthcare REIT, the largest owner of senior housing and post-acute care real estate in North America. Comparable as a scaled healthcare REIT with senior housing exposure and triple-net lease structures analogous to Target's care home leases.

Emerging players

• LXi REIT: UK-listed REIT investing in critical infrastructure and healthcare-linked assets under long, inflation-indexed leases. Comparable to Target's lease structure and defensive-income thesis, though more diversified across sectors and without Target's specialist care-home focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/embed/01M76bO4BRc
• LinkedInlinkedin.com/company/target-healthcare-reit-ltd-thrl-

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Target Healthcare REIT