Impact makes further acquisitions
July 17, 2019
Impact Healthcare REIT has made three acquisitions worth a total of £20.2m. It has bought Holmesley Nursing Home in Sidmouth, Devon, three units next to Cumberland Infirmary in Carlisle, Cumbria, and Old Prebendal House in Chipping Norton, Oxfordshire.
The purchases will be leased to two of the group’s existing tenants, Welford and Careport, and two medical units being bought are on existing leases to the NHS, adding an eighth tenant for the group.
Holmesley is a care home with 49 of its 52 bedrooms providing en-suite facilities. It is being bought for £5.9m and the initial annual rent will be £450,000Old Prebendal House is a 37-bed care home, with an adjacent development of senior living units comprising 16 apartments and four cottages. Careport has been appointed as its tenant.
Impact has committed an additional £750,000 to modernise the interior of the home. It paid £4.75m for the property and the initial annual rent due is £330,000, which will increase to £390,000 once modernisation works have been completed. The three units adjacent to Cumberland Infirmary, include Kingston Court, a care home operated by Careport that offers 74 beds, all with en-suite bathrooms.
The other two units are Reiver House, which is a cancer out-patient facility and a surgery used to provide orthodontic care. Both are leased to NHS Cumbria University Hospital NHS Trust on leases that have annual consumer price index uplifts.
These latest acquisitions come on the back of Impact adding four care homes to its portfolio in May in a sale and leaseback deal with Maria Mallaband and Countrywide.