Fri, 24 Dec 2021 | BUSINESS SALE
Impact Healthcare REIT has moved to acquire a trio of care homes, in transactions that will see the group deploy £14.3 million in capital. The deals have seen the real estate investment trust exchange contracts for the acquisition of two Northern Ireland care homes and complete the takeover of a further care home in Scotland.
Altogether, the three acquisitions will increase Impact’s portfolio to 112 care homes and close to 6,200 beds. In addition, the takeovers will increase the group’s contracted annual rent roll to around £35.5 million, up by 4.7 per cent from £33.9 million at the end of September 2021.
In Northern Ireland, Impact has exchanged contracts on homes near Belfast and in the town of Larne. The deals, which will provide a total of 147 en-suite rooms, are subject to re-registration with Northern Ireland’s Regulation and Quality Improvement Authority (RQIA).
RQIA re-registration is expected to be procedural and, post-acquisition, the two sites will be operated by their existing tenant Electus. They will bring the REIT’s portfolio of Northern Ireland care homes to five and its total beds in the country to 340. Impact will pay an £11.02 million net purchase price to the vendors, with initial annual rent agreed at a rate of £854,500, representing a 7.8 per cent gross initial yield.
In Scotland, the group has completed the £3.25 million acquisition of the Springhill Nursing Home in Kilmarnock (pictured above), with initial annual rent standing at £243,000.
Read more about consolidation in the UK's care home market.
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