Care home investor Impact Healthcare REIT has added a trio of new assets to its portfolio.
The group is buying three care homes – Springhill Nursing care home in Kilmarnock and two in Northern Ireland – that will add 208 beds to its portfolio for £14.3m. This latest acquisition will take the group’s total portfolio to 112 care homes with 6,191 beds and increase its annual rent roll to £35.5m.
Impact Healthcare said the Springhill Nursing care home would be transferred to new green leases with fixed terms of 25 years and annual upward-only rent reviews linked to the Retail Price Index, with commitments from each tenant to a minimum annual expenditure on the maintenance of the care homes.
The two homes in Northern Ireland will enter the group on standard leases, with a fixed term of 25 years with no break clauses. The rents receivable under the leases will be subject to annual upward-only rent reviews linked to RPI, with a floor of 2% pa and a cap of 4% pa. Home operator Electus has committed to a minimum annual expenditure on the maintenance of the care homes.
The acquisitions follow the group’s announcement yesterday that it had secured £75m of new debt to help fund its expansion.
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