Impact Healthcare REIT has exchanged contracts to acquire two care homes for £12.9m.
The initial rent will be £950,000.
Baylham Care Centre, near Ipswich, is a 55-bed purpose-built care home, and Barham Care Centre, in Canterbury, is a 43-bed care home.
The homes will be leased to a new operator for the group, Optima Care. Optima is a specialist health and social care provider with experience in operating residential dementia care homes for the elderly.
The two new leases are on Impact’s standard terms, with a fixed term of 25 years and rent subject to annual upward-only reviews linked to the Retail Prices Index, with a floor of 2% pa and a cap of 4% per year. Optima has committed to a minimum annual expenditure on the maintenance of the homes.
This investment comprises one of the firm’s six target transactions that the company announced in April.
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