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24 Oct 2018 | 08:35

Impact Healthcare mulls fundraising to support pipeline acquisitions

Impact Healthcare, a real estate investment trust, said Wednesday it was in advanced negotiations to acquire an identified portfolio of UK care homes and touted further investment opportunities were in the pipeline.

The company said it was considering an equity fundraise targeting £150m to finance the acquisition of the target portfolio.

The targeted portfolio acquisition included UK care homes with over 2,500 beds, with a total annual rent on the of about £12m under the existing leases, Impact said. Under the agreement, the net initial yield for the whole target portfolio would be in excess of 8%.

The core portfolio, which comprises over 80% of the target portfolio by value, had strong levels of rental cover, supported by good levels of occupancy which had ranged between 90% and 93% over the past five years, Impact added.

As well as target portfolio, the company had entered into advanced due diligence relating to four transactions which would add in excess of 450 beds, while early-stage talks, on five further potential transactions, were expected to deliver over 1,500 additional beds to the group.

These transactions, if completed, would add six new tenants further diversifying the group's rental income, Impact said.

At 8:35am: (LON:IHR) Impact Healthcare Reit Plc share price was -1p at 103p

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