Impact Healthcare seeks £150m for care home portfolio

Impact Healthcare is looking to raise £150m equity from investors to acquire a 2,500-bed care home portfolio. The company said it has either invested or committed a combined £240m of equity and debt capital raised since its initial public offering in March 2017. It will meet with shareholders in coming weeks to discuss fundraising support for the potential purchase, as well as an “identified pipeline” of assets. Both would add around £12m of rent under existing leases. Impact Health Partners, the REIT’s investment adviser, has classed the assets as 80% core by value and 20% non-core. Based on the agreed acquisition price, the net initial yield for the whole target portfolio is in excess of 8%. The board said: “In addition to the financial benefits of the transaction, it will also further diversify the group by tenant base and the geographic location of its assets.” Outside of this, the REIT said its investment adviser has entered into advanced due diligence on behalf of the group in relation to four transactions, which would add more than 450 beds. There are also early stage discussions on five further potential transactions, which would deliver more than 1,500 additional beds to the group. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette