Impact Healthcare to spend £20m on three new acquisitions

Impact Healthcare has exchanged contracts on three acquisitions totalling £20.2m. The purchase includes three care homes, which are to be leased to two operators, Welford and Careport, on new 25-year leases, and two medical units, which are on existing leases to the NHS. The rent receivable under each of the new care home leases will be subject to annual upward-only rent reviews linked to the Retail Prices Index, with a floor of 2% pa and a cap of 4% pa. The acquisitions include Holmesley Nursing Home in Sidmouth, Devon, which is being bought for a net purchase price of £5.85m and is to be leased to Welford with an initial annual rent of £450,000. In addition, an Oxfordshire 37-bed care home, known as Old Prebendal House, with an adjacent development of senior living units comprising 16 apartments and four cottages is to be bought for £4.75m. The care home is to be leased to Careport with an initial annual rent of £330,000, which will increase to £390,000 once the asset management works have been completed. Impact Healthcare is also acquiring three units adjacent to the Cumberland Infirmary, the main general hospital in Carlisle, for £9.5m. This acquisition includes Kingston Court in Carlisle, a 74-bed care home, which has been leased to Careport with initial annual rent of £365,000. The other two units are Reiver House, currently used as a cancer outpatient facility, and a surgery used to provide orthodontic care. Both are leased to NHS Cumbria University Hospital NHS Trust on leases which have annual Consumer Prices Index uplifts and have four years and six years respectively left to run. The current rent due from the NHS is £302,000. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette