Impact Healthcare REIT continues investment with care home acquisition

Impact Healthcare REIT continues investment with care home acquisition

Healthcare-focused real estate investment trust Impact Healthcare REIT PLC (LON: IHR) announced on Monday morning that it had acquired a property asset outside of Bristol.

The exchange of contracts for the Argentum Lodge Care Home facility was undertaken for a consideration of £6.95 million, with initial rental income of £0.467 million.

Speaking on the acquisition, the Impact Healthcare REIT statement read,

“Argentum Lodge is a purpose-built nursing home located in the affluent village of Nailsea, approximately 10 miles to the south west of Bristol.”

“The Group has agreed to appoint one of its existing tenants, Welford, as the new tenant of Argentum Lodge, which will leave Welford operating five homes for Impact with a total of 230 beds. 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.”

“The acquisition further enhances the Group’s geographic and tenant diversification and is in line with its investment criteria and returns profile.”

“The Group continues to pursue a number of further acquisitions with a number in exclusivity and has a strong pipeline of potential investment opportunities.”

Following the news, the Company’s shares rallied modestly, by 0.54% or 0.60p, to 111.60p per share 23/09/19 09:37 BST. The Group’s p/e ratio stands at 12.95, their dividend yield is 5.41%.

Elsewhere in property development and estate agency news, there have been updates from; Berkeley Group Holdings Ltd (LON: BKG), Redrow plc (LON: RDW), U+I Group PLC (LON: UAI), Hunters Property PLC (LON: HUNT), GCP Student Living plc (LON: DIGS), Barratt Development Plc (LON: BDEV) and Belvoir Group PLC (LON: BLV).