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Impact Healthcare REIT announces £25m care home deals

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Impact Healthcare REIT has announced two care home deals in East Anglia valued at £25m, including transactions costs.

The group is acquiring a care home near Lowestoft, Suffolk and has entered into a forward funding arrangement for a care home in Norwich, Norfolk. Both homes which comprise 166 beds are to be operated by Carlton Hill Limited.

The acquisitions increase Impact’s portfolio to 111 care homes and 6,141 beds and annual rent to £33.4m, up by 8% on annual rent of £30.9m as of 31 December 2020. Impact has 13 tenants following the acquisition.

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Carton Hall in Lowestoft is a sale and leaseback transaction. The home has capacity for 86 residents within a range of high quality linked buildings and is rated Good across all measures by the Care Quality Commission. The home is part of a care village community developed by Carlton Hall, which includes around 49 retirement bungalows and a coffee shop, set in 10 acres of well-maintained grounds.

The forward funding agreement covers construction of a new 80-bed care home in Norwich, to be built by a Carlton Hall company. The development has planning in place and is due to complete in approximately 20 months.

Carlton Hall will be developing the new home as part of a care village, with phase 1 also comprising 19 bungalows. This will replicate Carlton Hall’s successful development in Lowestoft and is expected to be the blueprint for further potential developments in the region by the business. Carlton Hall has committed to build the home for a price of £10.5 million, including the value of the land.

Tags : AcquisitionFinanceImpact Healthcare REIT
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The author Lee Peart

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