Impact Healthcare REIT PLC Disposal of Care Home & Related Party Transaction (9144P)
February 15 2023 - 1:00AM
UK Regulatory
TIDMIHR
RNS Number : 9144P
Impact Healthcare REIT PLC
15 February 2023
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than the Republic of Ireland or the Netherlands and then
only to professional investors in such jurisdictions), Canada,
Australia, Japan or the Republic of South Africa.
15 February 2023
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries,
the "Group")
DISPOSAL AT LATEST BOOK VALUE OF A NON-CORE CARE HOME AND
SMALLER RELATED PARTY TRANSACTION
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 sold a non-core care home for GBP1.25 million, in-line
with the latest valuation as at 31 December 2022.
Impact has exchanged on the sale of Mulberry Manor, a 49-bed
care home in Mexborough, acquired as part of the seed portfolio in
May 2017. Completion is expected during the first quarter. The home
was not a long-term strategic asset for Impact or the tenant,
Minster Care Management Limited ("Minster"), and as part of the
Group's active portfolio management strategy, was jointly
marketed.
As part of the sale Impact has entered into a lease surrender
with Minster for nil consideration. Minster is deemed to be a
related party of the Company under the Listing Rules. The lease
surrender with Minster is therefore deemed to be a smaller related
party transaction for the purposes of Listing Rule 11.1.10R and
this announcement is therefore made in accordance with Listing Rule
11.1.10R(2)(c).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners Via H/Advisors
LLP Maitland
Mahesh Patel
----------------------------------------- ---------------
Andrew Cowley
----------------------------------------- ---------------
David Yaldron
----------------------------------------- ---------------
Jefferies International +44 20 7029
Limited 8000
---------------
Tom Yeadon tyeadon@jefferies.com
----------------------------------------- ---------------
Neil Winward nwinward@jefferies.com
----------------------------------------- ---------------
Winterflood Securities +44 20 3100
Limited 0000
---------------
Neil Langford neil.langford@winterflood.com
----------------------------------------- ---------------
Joe Winkley joe.winkley@winterflood.com
----------------------------------------- ---------------
H/Advisors Maitland +44 7747 113
(Communications advisor) 930
---------------
James Benjamin impacthealth-maitland@h-advisors.global
----------------------------------------- ---------------
Alistair de Kare-Silver
---------------
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk .
NOTES:
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 high-quality established healthcare operators which offer good
quality care, under leases which provide the Company with
attractive levels of rent cover .
The Company aims to provide shareholders with an attractive
sustainable return, principally in the form of quarterly income
distributions and with the potential for capital and income growth,
through exposure to a diversified and resilient portfolio of UK
healthcare real estate assets, in particular care homes for the
elderly.
The Company has a progressive dividend policy with a target to
grow its annual aggregate dividend in line with the
inflation-linked rental uplifts received by the Group under the
terms of the rent review provisions contained in the Group's leases
in the prior financial year.
On this basis, t he Company is targeting a dividend for the year
to 31 December 2023 to increase by 3.53% to 6.77 pence per share
(1) .
The Group's Ordinary Shares were admitted to trading on the main
market of the London Stock Exchange, premium segment, on 8 February
2019. The Company is a constituent of the FTSE EPRA/NAREIT
index.
Neither the content of the Company's website, nor the content on
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.
(1) This is a target only and not a profit forecast. There can
be no assurance that the target will be met and it should not be
taken as an indicator of the Company's expected or actual
results.
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END
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