ACQUISITION AND SMALLER RELATED PARTY TRANSACTION
9 January 2020
Impact Healthcare REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
ACQUISITION AND SMALLER RELATED PARTY TRANSACTION
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 for the elderly, is pleased to announce that the Group has acquired a care home for £3.0 million.
The Group has appointed one of its existing tenants, Minster Care Management Limited ("Minster"), as the new tenant of this home at an initial rent of £225,000, reflecting an initial yield of 7.5%. The lease is subject to an annual upward-only review linked to the Retail Prices Index, with a floor of 2% per annum and a cap of 4% per annum.
The Group continues to work on a strong pipeline of further acquisitions, a number of which are in exclusivity.
The entry into the new 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:
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Impact Health Partners LLP Mahesh Patel Andrew Cowley |
via Maitland/AMO
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Winterflood Securities Limited Neil Langford Rachael Tracy |
Tel: 020 3100 0000
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RBC Capital Markets Rupert Walford Matthew Coakes |
Tel: 020 7653 4000 |
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Maitland/AMO (Communications Adviser) James Benjamin |
Tel: 020 7379 5151 |
The Company's LEI is: 213800AX3FHPMJL4IJ53. Its home member state is the United Kingdom.
Further information on Impact Healthcare REIT is available at www.impactreit.uk
NOTES
Impact Healthcare REIT plc is a real estate investment trust ("REIT") which aims to provide shareholders with an attractive return, principally in the form of quarterly income distributions and with the potential for capital and income growth, through exposure to a diversified portfolio of UK healthcare real estate opportunities, in particular residential care homes. The Group's investment policy is to acquire, renovate, extend and redevelop high quality healthcare real estate assets in the UK and lease those assets primarily to healthcare operators providing residential healthcare services under full repairing and insuring leases.
The Company's intention is to pay a target dividend of 6.17 pence per share for the year to 31 December 20191 and has so far paid three interim dividends of 1.5425 pence each per share.
The Company will seek to grow the target dividend in line with the inflation-linked rental uplifts received by the Group under the terms of the rent review provisions contained in the Group's leases in the prior financial year.
The Group's Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, premium fund segment, on 8 February 2019. The Company is a constituent of the FTSE EPRA/NAREIT index.
¹ This is a target only and not a profit forecast. There can be no assurance that the target will be met and it should not be taken as an indicator of the Company's expected or actual results.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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