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06 Nov 2018 | 09:55

Impact Healthcare to acquire Holly Lodge Care Home for £1.35m

Real estate investment trust Impact Healthcare said Tuesday it had exchanged contracts to acquire Holly Lodge Care Home for £1.35m, reflecting a net initial yield of 8.7%.

Careport, the current operator of Holly Lodge, would continue to operate the care home, but under a new lease with a term of 25 years and a tenant option to extend to 35 years at the end of year 10.

The lease 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 Healthcare said.

Careport had agreed to commit to a minimum annual expenditure on maintenance, it added.

At 9:55am: (LON:IHR) Impact Healthcare Reit Plc share price was -0.5p at 102p

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