LONDON (ShareCast) - (ShareCast News) - Impact Healthcare REIT has completed the acquisition of the Core Seed Portfolio and the Mulberry Portfolio, together referred to as the Seed Portfolio, for a total consideration of £148.75m.
It said all outstanding lending facilities were repaid in full and the Seed Portfolio had been acquired debt-free.

Net initial yield on the Seed Portfolio was 7.6%, with rental income accruing from admission on March 7, supporting the company's dividend policy.

"The Company is targeting the payment of dividends for the first 12 months from admission which equate to a yield of 6 per cent. per annum on the Issue Price, on an ungeared basis and payable in quarterly instalments," said Impact Healthcare REIT.

The Seed Portfolio comprised 56 residential care homes offering 2479 beds that were leased to the Initial Tenants, in each case, for an initial term of 20 years with an option to extend for two further 10 year periods.

The leases were subject to annual uplifts based on increases in the UK retail prices index (subject to a cap and floor).

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