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13 Aug 2019 | 09:11

Impact Healthcare REIT exchanges contracts to acquire two care homes for £12.9m

Impact Healthcare REIT said it had exchanged contracts to acquire two care homes for £12.9m. The company also said it had added a new tenant. Baylham Care Centre, a 55-bed purpose-built care home, was currently rated 'Outstanding' by the Care Quality Commission (CQC). While, Barham Care Centre, a 43-bed care home, was rated 'Good' by CQC. Both homes were located near Ipswich.

The initial rent would be £950,000.

The homes would be leased to a new operator for the group, Optima Care, its ninth tenant. Optima, a specialist health and social care provider with experience in operating residential dementia care homes for the elderly, was founded in 2004. The two new leases were on Impact's standard terms, with a fixed term of 25 years and rent subject to annual upward-only reviews linked to the retail prices index, with a floor of 2% a year and a cap of 4%a year.

At 9:11am: (LON:IHR) Impact Healthcare Reit Plc share price was -1.5p at 109.5p

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