Impression Healthcare invests £8.1m in three Scottish properties
Impression Healthcare REIT is buying three purpose-built care properties in and round Glasgow for £8.1 million plus transaction prices. The properties are let to care house supplier Silverline, an current tenant within the portfolio.
The deal is predicted to ship preliminary annual hire of greater than £627,000, reflecting a gross preliminary yield of seven.75%, the corporate mentioned in a press release.
The three properties comprise 155 beds, all of that are en-suite. The transaction will enhance Impression Healthcare’s portfolio to a complete of 131 care properties and seven,129 beds.
The group mentioned Silverline will enter into Impression’s “new improved inexperienced leases” with mounted 25-year phrases and no break clauses. The rents receivable beneath the leases can be topic to annual upward-only hire opinions linked to RPI, with a ground of two% and a cap of 4% each year.
Silverline has additionally dedicated to a minimal annual expenditure on the upkeep of the care properties.
Following the completion of the transaction, which is topic to re-registration with the Care Inspectorate, Silverline can be leasing seven care properties from Impression with 398 beds.
The REIT mentioned its funding supervisor, Impression Well being Companions is in developed authorized discussions on a number of initiatives and expects to make additional bulletins quickly.
Jefferies Worldwide and Winterflood Securities suggested on the transaction.
Date revealed: April 19, 2022
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