Impact Healthcare eyes £150m fundraiser

24th Oct 2018 11:27

(Sharecast News) - Real estate investment trust Impact Healthcare told investors on Wednesday that it was in advanced negotiations to acquire a portfolio of UK care homes, leading it to propose an equity fundraising to help it add the portfolio to its books.Impact, which has already invested or committed the majority of the £240m it had raised since its IPO back in March 2017, proposed the equity fundraising in order to give it £150m to acquire the portfolio of more than 2,500 beds.The London-listed outfit said the total annual rent on its target Portfolio was approximately £12m under the existing leases and noted that, based on the agreed acquisition price, the net initial yield for the whole portfolio was in excess of 8%.Impact stated the core portfolio, which made up more than 80% of the target portfolio by value, had strong levels of rental cover, supported by good levels of occupancy which has ranged between 90% and 93% over the past five years.Elsewhere, Impact said it was continuing to make good progress with a "significant pipeline" of UK assets which had met the company's investment objectives and policy, including off-market assets.As of 1145 BST, Impact shares had dipped 0.019% to 103.98p.