Impact Healthcare REIT is adding 13 care homes to its portfolio, including two additional tenants and a pre-let forward funding agreement.
The acquisitions, which will take the Group’s number of tenants to 11, include a £47.5m sales and leaseback deal for nine Holmes Care Group homes and three homes in Bradford from Victorguard that will be operated by Silverline Care.
The Holmes Care Group homes, which represent 649 beds, include one service in Aberdeen and eight around Glasgow.
Sharifa Lakhani, Managing Director of Holmes Care said: “Providing excellent care to everyone who makes their home with us is our absolute priority.
“We are very pleased to have concluded this deal, which will allow us to continuously invest in our homes across Scotland whilst maintaining our proud tradition as a family-run business.
“This long-term arrangement will see us continue to operate all of the homes, and is great news for residents, their families and our team.”
Impact has also agreed to a net purchase price of £7.5m for the Victorguard homes and has committed £300,000 of capital expenditure, and an initial six-month rent-free period, as part of a Silverline turnaround plan.
Finally, the Group has agreed to forward fund the construction of a 94-bed care home in Hartlepool that will be built by a Prestige Group subsidiary for a fixed price of £6.1m.
The acquisitions will take the Group’s portfolio to total 99 care homes and 5,253 beds.