Impact Healthcare buys Leicester care home
Its purchase of Saffron Court was funded by Impact’s cash resources and swiftly follows its acquisition of the £148 million Seed Portfolio of care homes.
The newly bought care home has 48 beds and 25 associated assisted living flats. The terms of the lease are similar to those for the Seed Portfolio, with a 20-year term, with the potential to extend for another ten years.
“We are pleased to have completed the acquisition of Saffron Court on the terms set out at our IPO,” said Rupert Barclay, non-executive chairman.
“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.”
The Seed Portfolio – 56 care homes with a total 2,479 beds - deal was the first for Impact after its IPO in March 2017. Acquired debt-free, the properties remain leased to tenants, Minster Group and Croftwood Group, for £11.7 million a year.
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