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02 Nov 2018 | 09:52

Impact Healthcare REIT acquires two care homes for £11.6m

Impact Healthcare REIT said Friday it had acquired two care homes, Croftbank and Rosepark for a combined £11.6m, reflecting a net initial yield of 7.6%.

Croftbank, a 68-bed care home all with ensuite facilities, was purpose-built in 1996 with extensions in 1998 and 2000. Croftbank had been acquired with adjacent land with the potential to add about 30 additional beds, the company said.

Rosepark comprising of two buildings, had capacity for 58 beds in total and was built in 1992.

The homes were sold by the Balmer family who had owned and operated them since they were developed, the company said.

Impact said Renaissance, a care home operator, had entered into two new fixed 25-year term leases with no break clauses and a tenant option to extend to 35 years at the end of year 15.

The rents receivable under the leases would be subject to annual upward-only rent reviews linked to the Retail Prices Index, with a floor of 2% a year and a cap of 4% a year, Impact said.

At 9:52am: (LON:IHR) Impact Healthcare Reit Plc share price was -1p at 101.5p

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