Investor slims down its care home portfolio with sale of five properties
Healthcare real estate investment trust, Impact Healthcare, has agreed the sale of five of its “non-core” care homes for £8.8m.
It has exchanged on the sale of three care homes in East Yorkshire for a total consideration of £4.3m: Ashgrove Care Home, a 56-bed care home in Cleethorpes; Emmanuel House, a 44-bed care home in Hessle; and Hamshaw Court, a 45-bed care home in Hull.
The purchaser is a local owner and operator of care homes.
The deal is subject to re-registration of the care home operations from current tenant, Minster Care Management, to the purchaser which requires approval of independent regulator, the Care Quality Commission. Completion is expected during the third quarter of this year.
In addition, Impact has exchanged and simultaneously completed on the sale of two care homes for a total consideration of £4.5m: Eryl Fryn Care Home, a 30-bed care home in Llandudno, Wales; and Stansty House Care Home, a 73-bed care home in Wrexham.
Impact acquired the five care homes as part of its IPO seed portfolio in May 2017.
It explains: “The homes have either had a history of relative under-performance, have low EPC (energy performance certificate) scores or are smaller than the ideal size for a care home.
“Following the sales, Impact will own 135 properties. The disposal of these five homes will help improve the sustainability performance of the group’s portfolio either by reducing our exposure to homes with an EPC C or D, or disposing of homes with higher CO2e emissions per square metre than the portfolio average.”
