(Alliance News) - Impact Healthcare REIT PLC said Wednesday it plans to raise around GBP50 million through a placing, which will go towards funding new investments in line with its policy.
The healthcare-focused real estate investment trust will issue shares at a price of 108.0 pence per share, reflecting a 1.8% discount to the closing price on Tuesday at 110.00p.
Shares in Impact Healthcare - which is headquartered in London - were down 1.2% at 108.70 pence on Wednesday.
Winterflood Securities Ltd and RBC Capital Markets will both act in relation to the placing, but Impact Healthcare did not specify their roles.
Currently, Impact Healthcare's investment manager Impact Health Partners LLP is in exclusive negotiations on three separate acquisition opportunities, each of which could close before the end of 2019.
Together these transactions would cost in excess of GBP60 million, adding 11 new properties and one new tenant to Impact Healthcare's current portfolio.
The placing is expected to close on December 4.
"I am very pleased that the company has the opportunity to grow in a measured way, while continuing to exercise robust capital discipline and being very selective about the tenants with whom it decides to enter into long-term partnerships. The placing will enable the company to capitalise on its pipeline of attractive, near-term opportunities, which are expected to create value for shareholders at the same time as maintaining a strong balance sheet," said Chair Rupert Barclay.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Impact Health (IHR)