Monday, July 15, 2024

Five care homes sold for £8.8 million

Impact Healthcare REIT has exchanged contracts for the sale of five non-core care homes for £8.8 million, as part of its active portfolio management policy.

Impact has exchanged on the sale of three care homes in East Yorkshire for a total consideration of £4.3 million: Ashgrove Care Home, a 56-bed care home in Cleethorpes; Emmanuel House, a 44-bed care home in Hessle; and Hamshaw Court, a 45-bed care home in Hull.

The purchaser is a local owner and operator of care homes.

In addition, Impact has exchanged and simultaneously completed on the sale of two care homes for a total consideration of £4.5 million: Eryl Fryn Care Home, a 30-bed care home in Llandudno, Wales; and Stansty House Care Home, a 73-bed care home in Wrexham.

Impact acquired the five care homes as part of its IPO seed portfolio in May 2017. The homes have either had a history of relative under-performance, have low EPC scores or are smaller than the ideal size for a care home.

Following the sales, Impact will own 135 properties. The disposal of these five homes will help improve the sustainability performance of the Group’s portfolio either by reducing exposure to homes with an EPC C or D, or disposing of homes that have higher CO2e emissions per m2 than the portfolio average.

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