23rd Dec 2021 11:53
(Alliance News) - Impact Healthcare REIT PLC announced on Thursday it has acquired three care homes for GBP14.3 million.
The London-based real estate investment trust said these acquisitions will raise the company's total investment to 112 care homes comprising 6,191 beds. At the end of September, Impact Healthcare had 108 homes and 5,900 beds.
Impact Healthcare added that the purchase would increase its contracted annual rent roll to GBP35.5 million. This represent a 4.7% increase on contracted annual rent at September 30, which was GBP33.9 million.
All of the acquisitions will be leased with fixed terms of 25 years and annual upward-only rent reviews linked to the UK retail price index with commitments from each tenant to a minimum annual expenditure on the maintenance of the care homes.
The properties consist of Springhill nursing care home in Kilmarnock, Scotland and two care home in Northern Ireland leased to Electus Healthcare Ltd.
The acquisition price of Springhill, at GBP3.3 million, reflects gross initial yield of 7.5% while the acquisition price of the two care homes in Northern Ireland, leased at GBP11.0 million, reflect a gross initial yield of 7.8%
Shares in Impact Healthcare were trading flat at 118.00 pence on Thursday in London.
By Heather Rydings; [email protected]
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