Harrogate care home snapped up in £21m deal
The property investment trust Impact Healthcare REIT has snapped up a Harrogate care home as part of a £21m deal.
The deal will see it acquire four homes, Belmont House in Harrogate as well as three Scottish sites. It is being acquired from Maria Mallaband and Countrywide Group in a sale and leaseback transaction.
Belmont House opened in 2007 and has 100 beds with en suite bathrooms.
The four homes have a combined total of 296 elderly care beds, of which 270 are currently in operation. MMCG is a top-10 operator of care homes across the UK, with the group comprising 82 homes.
The homes are now on new leases that have fixed 25-year terms with no break clauses and will be operated as part of MMCG’s Countrywide portfolio.
This investment comprises one of the six target transactions that the Company included in its announcement on 15 April 2019 and will be funded from the Group’s current debt facilities.
