A newly listed real estate investment trust (REIT) has completed the acquisition of a healthcare portfolio for close to £150m (€177m).
Impact Healthcare REIT, which floated on the London Stock Exchange in March, paid £149m for the 56 residential care homes with 2479 beds, at a net initial yield of 7.6%.
In March, Impact Healthcare REIT, a specialist property company, raised £160m to fund the acquisition.
Applications have been made for the admission of 14,000,000 ordinary shares to trade on the specialist fund segment of main market of the London Stock Exchange.
Rupert Barclay, non-executive chairman of Impact Healthcare REIT, said: “This diversified operating portfolio of residential care homes is let to experienced operators for an initial term of 20 years, providing the company with stable, secure cash flows from admission.
“This enables the company to provide shareholders with regular, attractive, inflation-protected income with the potential for dividend and capital growth through active asset management as well as potential acquisitions.”
Barclay said Impact Healthcare REIT was in a good position to “capitalise on the highly fragmented market with a supply-demand imbalance that is continuing to grow”.
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