Impact Healthcare REIT PLC Acquisition (0717G)
November 02 2018 - 2:00AM
UK Regulatory
TIDMIHR
RNS Number : 0717G
Impact Healthcare REIT PLC
02 November 2018
2 November 2018
Impact Healthcare REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
ACQUISITION
The Board of Directors of Impact Healthcare REIT plc (ticker:
IHR), the real estate investment trust which gives investors
exposure to a diversified portfolio of UK healthcare real estate
assets, in particular care homes, is pleased to announce that the
Group has acquired two care homes, Croftbank House ("Croftbank")
and Rosepark Nursing Home ("Rosepark") with a combined total of 126
beds for a net purchase price of GBP11.6 million, reflecting a net
initial yield of 7.6%.
Croftbank and Rosepark are both located in Uddingston to the
south east of Glasgow. Croftbank, a 68-bed care home all with
ensuite facilities, was purpose-built in 1996 with extensions in
1998 and 2000. It has been well maintained and is rated 5 (Very
Good) in the most recent inspection by the Care Inspectorate.
Croftbank is being acquired with adjacent land with the potential
to add circa 30 additional beds. Rosepark comprises two buildings,
providing 58 beds in total all with ensuite facilities. The first
building was built in 1992 (34 beds) and the second in 2009 (25
beds). It has been well maintained and is rated 4-5 (Good to Very
Good) in the most recent inspection by the Care Inspectorate. These
investments comprise one of the four target transactions that the
Company included in its announcement on 24 October 2018, which
would add in excess of 450 beds.
The homes are being sold by the Balmer family who have owned and
operated them since they were developed. The Group has entered into
new leases with Renaissance Care (Scotland) Limited ("Renaissance")
one of Scotland's leading care home operators, currently operating
12 further homes across Scotland. Renaissance have entered into two
new fixed 25-year term leases with no break clauses and a tenant
option to extend to 35 years at the end of year 15. The rents
receivable under the leases will be subject to annual upward-only
rent reviews linked to the Retail Prices Index, with a floor of 2%
p.a. and a cap of 4% p.a. Renaissance has committed to a minimum
annual expenditure on maintenance of the homes.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP via Newgate
Mahesh Patel
Andrew Cowley
Winterflood Securities Limited Tel: 020 3100 0000
Joe Winkley
Neil Langford
RBC Capital Markets Tel: 020 7653 4000
Rupert Walford
Matthew Coakes
Newgate (Communications Adviser) Tel: 020 7680 6550
James Benjamin Email: impact@newgatecomms.com
Anna Geffert
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk.
NOTES:
Impact Healthcare REIT plc 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, in particular residential care homes. The Group's
investment policy is to acquire, 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 Group has declared or paid six quarterly dividends of 6.0
pence per share since IPO on 7 March 2017, which equates to a yield
of 6 per cent. per annum on the IPO Issue Price.
The Group's ordinary shares were admitted to trading on the main
market of the London Stock Exchange, Specialist Fund Segment, on 7
March 2017.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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