Impact Healthcare complete £25 million purchase of three care homes
Impact Healthcare REIT have acquired three new care homes, two in Devon and a third in Somerset.
The deal was completed at £25million plus transaction costs. The company informed the stock market that under the new lease, rent is set at £1.7 million, reflecting a gross initial yield of 6.8%.
The existing tenant is Welford Healthcare. The Group's relationship with Welford Healthcare now amounts to 12 care homes across England, with 646 beds.
The purchase means Impact now add a 61-bedroom specialist dementia nursing home in Devon which was purpose-built in 2011 and two part-converted and extended nursing and residential homes in Devon and Somerset to their portfolio.
A statement from Impact read that: "The homes have CQC ratings ranging between Good and Outstanding and benefit from favourable underlying demographics in the local catchment areas with attractive demand/supply fundamentals."
Adding the deal: "Contributes to continued growth in the Group's contracted annual rent roll to £42.0 million, an increase of 6.6% since 31 March 2022 (£39.4 million)."
The sales follow Impact's exchanging of contracts to acquire three purpose-built care homes in and around Glasgow with an existing Group tenant earlier this month for a cost of £8.1million.
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