Impact Healthcare - Disposal of Care Home & Related Party Transaction
10/10/2022 07:00
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RNS Number : 2001C Impact Healthcare REIT PLC 10 October 2022
The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, any
member state of the European Economic Area (other than the Republic of Ireland
or the Netherlands), Canada, Australia, Japan or the Republic of South Africa.
10 October 2022
Impact Healthcare REIT plc
("Impact" or the "Company" or, together with its subsidiaries, the "Group")
A PROFITABLE DISPOSAL ABOVE LATEST BOOK VALUE OF A NON-CORE CARE HOME AND
SMALLER RELATED PARTY TRANSACTION
The Board of Directors of Impact Healthcare REIT plc (ticker: IHR), the real
estate investment trust which gives investors exposure to a diversified
portfolio of UK healthcare real estate assets, in particular care homes, is
pleased to announce that the Group has sold a non-core care home for £2.65
million, 4 per cent. above the latest book value as at 30 June 2022.
Impact has completed on the sale of Attlee, a 68 bed care home in Wakefield,
acquired as part of the seed portfolio in March 2017. The home was not a
long-term strategic asset for Impact or the tenant, Minster Care Management
Limited ("Minster") and as part of the Group's active portfolio management
strategy, was jointly marketed.
As part of the sale Impact has entered into a lease surrender with Minster for
nil consideration. Minster is deemed to be a related party of the Company
under the Listing Rules. The lease surrender with Minster is therefore deemed
to be a smaller related party transaction for the purposes of Listing Rule
11.1.10R and this announcement is therefore made in accordance with Listing
Rule 11.1.10R(2)(c).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Impact Health Partners LLP Via H/Advisors Maitland
Mahesh Patel
Andrew Cowley
David Yaldron
Jefferies International Limited +44 20 7029 8000
Tom Yeadon tyeadon@jefferies.com
Neil Winward nwinward@jefferies.com
Winterflood Securities Limited +44 20 3100 0000
Neil Langford neil.langford@winterflood.com
Joe Winkley joe.winkley@winterflood.com
H/Advisors Maitland (Communications adviser) +44 7747 113 930
James Benjamin impacthealth-maitland@maitland.co.uk
Alistair de Kare-silver
The Company's LEI is 213800AX3FHPMJL4IJ53.
Further information on Impact Healthcare REIT is available at
www.impactreit.uk (http://www.impactreit.uk/) .
NOTES:
Impact Healthcare REIT plc acquires, renovates, extends and redevelops high
quality healthcare real estate assets in the UK and lets these assets on
long-term full repairing and insuring leases to high-quality established
healthcare operators which offer good quality care, under leases which provide
the Company with attractive levels of rent cover.
The Company aims to provide shareholders with an attractive sustainable
return, principally in the form of quarterly income distributions and with the
potential for capital and income growth, through exposure to a diversified and
resilient portfolio of UK healthcare real estate assets, in particular care
homes for the elderly.
The Company has a progressive dividend policy with a target to grow its annual
aggregate dividend in line with the inflation-linked rental uplifts received
by the Group under the terms of the rent review provisions contained in the
Group's leases in the prior financial year.
On this basis, the Company is targeting a dividend for the year to 31 December
2022 to increase by 2.0% to 6.54 pence per share(1).
The Group's Ordinary Shares were admitted to trading on the main market of the
London Stock Exchange, premium segment, on 8 February 2019. The Company is a
constituent of the FTSE EPRA/NAREIT index.
Neither the content of the Company's website, nor the content on any website
accessible from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless previously
published by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the Company.
(1) This is a target only and not a profit forecast. There can be no
assurance that the target will be met and it should not be taken as an
indicator of the Company's expected or actual results.
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