Impact Healthcare expands with purchase of three UK care homes

Wed, 12 Jun 2019 | BUSINESS SALE



Impact Healthcare REIT Plc has successfully completed the acquisition of three care homes across England in a deal worth £20.2 million plus transaction costs.

The Holmesley Nursing Home in Sidmouth, Devon, the Kingston in Cumbria, and the Old Prebendal House in Oxfordshire, have all been taken over by Impact Healthcare.

The Group, which provides its investors with a diverse portfolio of UK healthcare real estate assets – in particular, care homes – is set to increase its annualised contracted rent by 19 per cent to £21.3 million, which is an increase from £17.8 million reported on 31 December 2018.

Two of the three acquired care homes will be leased to two of Impact Healthcare’s existing tenants, Welford and Careport. In addition to this, the two medical units that came as part of the acquisition are on existing leases to the NHS, creating an eighth tenant for the Group.

All of the investments are known to have strong occupancy records.

The Holmesley Nursing Home boasts space for 52 bedrooms and was acquired for £5.9 million with an initial annual rent of £450,000.

The Kingston comprises of three units adjacent to the Cumberland Infirmary in Carlisle, and Impact Healthcare will take on the 74-bed care home in Kingston Court, Riever House’s cancer out-patient facility, and an orthodontic care surgery. The acquisition deal was sealed for £9.5 million with an annual rent of £365,000 for Kingston Court and £302,000 for the other two facilities.

The third and final asset, the Old Prebendal House in Oxfordshire with space for 37 beds, will be purchased for £4.8 million with annual rent starting at £330,000, rising to £390,000 once asset manage works are complete.

Through the combination of these three acquisitions and the full repayment of the Group’s revolving debt facilities, it will have deployed over half the proceeds from the oversubscribed £100 million equity fundraise which closed on 10 May 2019.

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