Austen Shakespeare

Healthcare real estate firm makes £14.3m worth of national acquisitions

A real estate investment trust has announced it has recently completed the acquisition of a nursing home and exchanged contracts to acquire two further homes.

Impact Healthcare REIT plc acquires, renovates, extends and redevelops high quality healthcare real estate assets in the UK and lets these assets on long-term full repairing and insuring leases to established healthcare operators.

Once completed, these transactions are expected to expand the company to will add 208 beds to the Group’s portfolio, which will then total 112 care homes and 6,191 beds.

Impact’s contracted annual rent roll is set to rise to £35.5m, a 4.7 per cent increase on contracted annual rent at 30 September 2021 of £33.9m following the purchases.

The firm completed the acquisition of Springhill Nursing care home in a sale and lease back with Silverline, one of the firm’s existing tenants

Springhill, located in Kilmarnock, Scotland, is a four storey Georgian building offering a total of 61 beds with en suite wet room facilities. The company paid a net purchase price of £3.25m with an initial annual rent of £243k with rent cover at acquisition of just under two times.

The Group exchanged contracts for the acquisition of two care homes in Northern Ireland, subject to re-registration with the Regulation and Quality Improvement Authority. Both care homes are purpose-built in established residential areas and provide a combined total of 147 en suite bedrooms.

The Group is to pay a net purchase price of £11.02m to the vendors. The initial annual rent has been agreed at £854,500, reflecting a gross initial yield of 7.8 per cent. Rent cover at acquisition will be two times.

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