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Travers Smith advises Stifel on £84 million share issue and placing programme by Target Healthcare REIT Limited


Travers Smith LLP has acted for Stifel Nicolaus Europe Limited in its capacity as placing agent and sole bookrunner on the £84 million offer for subscription and placing of ordinary shares by Target Healthcare REIT Limited.

The ordinary shares were admitted to trading on the premium segment of the Main Market of the London Stock Exchange on 12 May 2016.

The proceeds of the issue will be used to fund the strong pipeline of opportunities identified by the issuer's investment adviser Target Advisers LLP. The issuer's investment objective is to invest in a diversified portfolio of freehold and long leasehold care homes that are let to care home operators and other healthcare assets in the UK. This will provide shareholders with an attractive level of income together with the potential for capital and income growth.

Stifel is also engaged as the issuer's placing agent and sole bookrunner in connection with the placing programme of up to a further 120 million ordinary shares over the course of the next 12 months.

The Travers Smith team was led by investment funds partner Aaron Stocks and included partners Charles Casassa (U.S. securities) and Anthony Judge (real estate), and associates Emily Applegarth (real estate) and Leigh Stockey (investment funds).

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