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(Alliance News) - Health-focused real estate investment trust Impact Healthcare REIT PLC said Wednesday it bought a nursing home just outside the English city of York for GBP4 million.
Impact bought the 51 bedroom purpose-built Birchlands Nursing Home just outside of York for GBP3.9 million, generating GBP300,000 per year in initial rent. The property is currently fully occupied and was rated as "Good" by the UK Care Quality Commission.
Impact has agreed to appoint Welford - an existing partner of the firm - as the new tenant at Birchlands. Welford will take on a new 25-year full repairing & insuring lease in line with existing leases with Welford.
Welford now has three leases with Impact across four homes and 174 beds.
Impact emphasised its still has exclusivity on several further acquisitions. It is currently still evaluating its "strong" pipeline of potential property purchases.
Shares in Impact were unchanged at 115.00 pence in London on Wednesday.