Tue, 13/08/2019 - 10:53
Impact Healthcare REIT, a real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, has exchanged contracts to acquire two care homes and added a high-quality new tenant.
The net purchase price is GBP12.9 million. The initial rent will be GBP950,000.
Baylham Care Centre is a 55-bed purpose-built care home, which is currently rated Outstanding by the Care Quality Commission (CQC). Barham Care Centre is a 43-bed care home, which is rated Good by CQC. Both homes are near Ipswich.
The homes will be leased to a new operator for the Group, Optima Care (Optima), Healthcare REIT’s ninth tenant. Optima is a specialist health and social care provider with experience in operating residential dementia care homes for the elderly. Founded in 2004, Optima has built an excellent reputation for providing high quality specialist care, support and services. The two new leases are on Impact’s standard terms, with a fixed term of 25 years and rent subject to annual upward-only reviews linked to the Retail Prices Index, with a floor of 2 per cent pa and a cap of 4 per cent pa. Optima has committed to a minimum annual expenditure on the maintenance of the homes.
Barham was extended in 2017, when 17 bedrooms were added. There is a further asset management opportunity to extend the home through building 21 new bedrooms with full bathrooms, while removing 11 bedrooms in an existing single storey extension, adding a net 10 bedrooms to the home.
This investment comprises one of the six target transactions that the Company included in its announcement on 15 April 2019.
The acquisition is in line with the Group's investment criteria and returns profile.
The Group has agreed exclusivity on a number of further acquisitions and continues to evaluate a strong pipeline of potential investment opportunities and expects to announce further acquisitions shortly.
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