The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real estate investment trust which gives investors exposure to a diversified portfolio of UK healthcare real estate assets, in particular care homes, is pleased to announce that the Group has sold The Shrubbery care home in Worcester to a developer for alternative use.
The sales price represents a 24% premium to the latest book value as at 30 June 2020 and a 29% uplift on the purchase price.
The Shrubbery, a 36-bed care home which was let to Minster Care Management Limited (“Minster”), was identified as a non-core asset by Impact in 2019 with potentially higher value through change of use. As part of the Group’s active asset management strategy, the Group worked with Minster to identify Red Hill, a 96-bed purpose-built care home in Worcester, whose acquisition was announced by the Company on 9 January 2020. Upon the acquisition of Red Hill, Minster worked with the staff, residents and residents’ families at The Shrubbery to transfer the residents of The Shrubbery to nearby Red Hill. The subsequent sale of The Shrubbery has completed and, as part of the sale process, the lease with Minster, which was subject to annual rent of £61,000 (increasing in line with RPI subject to a cap and floor) with a term remaining of 17 years, has been cancelled.The cancellation of the lease with Minster is deemed to be a smaller related party transaction for the purposes of Listing Rule 11.1.10R and this announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c).
For further information please contact:
Impact Health Partners LLP via Maitland/AMO
Winterﬂood Securities Limited
Tel: 020 3100 0000
RBC Capital Markets
Tel: 020 7653 4000
Maitland/AMO (Communications Adviser)
Tel: 020 7379 5151
The Company’s LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at www.impactreit.uk.