Impact purchases four care homes for £21m

Impact Healthcare REIT has bought four care homes from subsidiaries of the Maria Mallaband and Countrywide Group (MMCG) for £21m.

The sale and leaseback transaction means MMCG will continue to operate the homes after completion.

The four properties have a combined 296 elderly care beds, of which 270 are in operation.

Belmont House in Harrogate, North Yorkshire, has 100 beds, all of which have en-suite bathrooms.

The other three homes are in Scotland.

Wallace View in Stirling, central Scotland, has 60 beds, while Parksprings in Motherwell, North Lanarkshire, operates 70 beds and is adding a further 26 this year. All of the bedrooms in each home are en-suite.

Thorntree Mews is a converted period building in Falkirk, central lowlands, offering 40 beds, with two thirds of them en-suite.

The properties are on leases that have fixed 25-year terms with no break clauses and will be operated as part of MMCG’s Countrywide portfolio. The rents receivable under the leases will be subject to annual upward-only rent reviews linked to the Retail Price Index, with a floor of 2% p.a. and a cap of 4% p.a.

This investment will be funded from the group’s current debt facilities.

MMCG operates 82 homes across the UK.