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Impact Healthcare (IHR)

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Wednesday 19 June, 2019

Impact Healthcare

Acquisition

RNS Number : 6702C
Impact Healthcare REIT PLC
19 June 2019
 

19 June 2019

Impact Healthcare REIT plc

("Impact" or 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 Birchlands Nursing Home for a net consideration of £3.9 million. The initial rent will be £300,000.

 

Birchlands is a purpose-built nursing home located on the outskirts of York with 51 bedrooms. It currently has 100% occupancy and is rated Good by the CQC in its most recent published inspection report.

 

The Group has agreed to appoint one of its existing tenants, Welford, as the new tenant of Birchlands. The terms of the new 25-year full repairing and insuring lease with Welford for the home are the same as the Group's existing leases with Welford. This is the Group's third lease with Welford, which now operates four homes with 174 beds for Impact.

 

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.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

Impact Health Partners LLP

Mahesh Patel

Andrew Cowley

 

via Maitland/AMO

Winterflood Securities Limited

Joe Winkley

Neil Langford

 

Tel: 020 3100 0000

Maitland/AMO (Communications Adviser)

James Benjamin

Andy Donald

Tel: 020 7379 5151

Email: [email protected]

 

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 UK 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 Company's intention is to pay a target dividend of 6.17 pence per share for the year to 31 December 20191.

 

The Company will seek to grow the target 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.

 

The Group's Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, premium fund segment, on 8 February 2019.

 

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.

 


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 [email protected] or visit www.rns.com.
 
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