Impact Healthcare REIT PLC Acquisition of Saffron Court (5053J)
June 29 2017 - 1:01AM
UK Regulatory
TIDMIHR
RNS Number : 5053J
Impact Healthcare REIT PLC
29 June 2017
29 June 2017
Impact Healthcare REIT plc
(the "Company")
ACQUISITION OF SAFFRON COURT
Further to the acquisition of the Seed Portfolio on 4 May 2017,
Impact Healthcare REIT plc (ticker: IHR) is pleased to announce
that the Company has completed the acquisition of Saffron Court,
Leicester for a total consideration of GBP3.4 million, reflecting a
net initial yield of 7.7%. The acquisition was funded through the
Company's cash resources.
Saffron Court comprises a care home with 48 beds and 25
associated assisted living flats. The terms of the lease are
substantially the same as the leases for the Seed Portfolio with a
20-year term, an option to extend for a further 10 years and annual
upwards-only rent increases linked to RPI with a floor of 2% and a
cap of 4%.
The Company entered into non-binding heads of terms to acquire
Saffron Court at the time of the IPO as set out in the prospectus
published by the Company on 24 January 2017.
Rupert Barclay, non-executive Chairman of Impact Healthcare REIT
plc, commented:
"We are pleased to have completed the acquisition of Saffron
Court on the terms set out at our IPO. This investment, along with
the Seed Portfolio acquired on 4 May 2017, should provide the
Company with stable and secure cash flows that support the
Company's dividend policy."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners via Newgate Communications
LLP
Mahesh Patel
Andrew Cowley
Winterflood Securities Tel: 020 3100 0000
Limited
Joe Winkley
Neil Langford
Newgate Communications Tel: 020 7680 6550
(PR Adviser) Email: impact@newgatecomms.com
James Benjamin
Lydia Thompson
NOTES:
The Company is a real estate investment trust ("REIT") which
aims to provide shareholders with an attractive return, principally
in the form of quarterly income distributions and with the
potential for capital and income growth, through exposure to a
diversified portfolio of healthcare real estate opportunities. The
Company's investment policy is to acquire, own, lease, renovate,
extend and redevelop high quality healthcare real estate assets in
the UK and lease those assets primarily to healthcare operators
providing residential healthcare services under full repairing and
insuring leases.
The Company and its Investment Adviser believe that residential
healthcare is a significant investment opportunity in the UK, owing
to both increasing demand for various forms of care from a growing
and ageing population and the current reduction in the supply of
suitable assets for providing that care. A well-capitalised
landlord like the Company, with an experienced investment adviser,
should be well positioned to deliver attractive returns to
investors, while also providing stability and a commitment to
enhance homes wherever possible to their residents.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk, however, neither the content of the Company's
website, nor the content of any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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