Impact Healthcare REIT has completed the £6.95m acquisition of Argentum Lodge Care Home in Nailsea near Bristol.
The purpose-built nursing home was acquired with an initial rent of £467,000.
Existing Impact Healthcare REIT tenant, Welford, has been appointed as the new tenant of the home. The care provider now operates five homes for Impact with a total of 230 beds.
The terms of the new 25-year full repairing and insuring lease with Welford for the home are the same as the Group’s existing leases with Welford.
Argentum Lodge, which was rated Requires Improvement on its last inspection under its previous provider, is registered to provide care for up to 56 people.
An Impact Healthcare REIT spokesperson said: “The acquisition further enhances the Group’s geographic and tenant diversification and is in line with its investment criteria and returns profile.
“The Group continues to pursue a number of further acquisitions with a number in exclusivity and has a strong pipeline of potential investment opportunities.”
Earlier, this month Impact Healthcare REIT announced the acquisition of two care homes near Ipswich for £12.9m (see Impact Healthcare REIT acquires two care homes for £12.9m).