Healthcare-focused real estate investment trust Impact Healthcare REIT Plc (LON:IHR) announced on Monday morning that it has acquired real estate assets in the suburbs of Bristol.
The exchange of contracts for the Argentum Lodge Care Home facility took place for a consideration of £6.95 million, with an initial rental income of £467,000.
Regarding the acquisition, Impact Healthcare REIT’s statement said:
“Argentum Lodge is a purpose-built retirement home located in the affluent village of Nailsea, approximately 16 miles south-west of Bristol.”
“The Group has agreed to appoint Welford, one of our existing tenants, as the new tenant at Argentum Lodge, which will see Welford build five residential properties for Impact with a total of 230 beds. The terms of the new 25-year fully repaired and insured lease with Welford are the same as the Group’s existing lease with Welford.
“This acquisition further strengthens the group’s geographic and tenant diversification, in line with its investment criteria and return profile.”
“The Group continues to pursue a number of further acquisitions with exclusivity and has a strong pipeline of potential investment opportunities.”
Following this news, the company’s share price rebounded slightly by 0.54% or 0.60 pence to 111.60 pence per share on 23/09/19 09:37 BST. The group’s P/E ratio is 12.95 times and the dividend yield is 5.41%.
Elsewhere in real estate development and real estate brokerage news, you’ll find the latest updates on: 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).
