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Impact Healthcare complete £25 million purchase of three care homes

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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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Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.

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