Care home landlord Impact Healthcare REIT taps shareholders for £35m
Care home landlord Impact Healthcare Real Estate Investment Trust (REIT) has raised £35m through a share placing to pay down debt and fund new investments.
The firm said this morning that 31,690,327 ordinary shares will be issued at a price of 111.5p per share, with the proceeds used to repay its revolving credit facility.
The cash will also fund new investments “which are expected to deliver further value for its shareholders”.
Impact Healthcare’s chairman Rupert Barclay said: “The net proceeds of this placing will enable the group to capitalise in short order on its pipeline of attractive, near-term opportunities, which are expected to deliver further value for our shareholders at the same time as maintaining a strong balance sheet.
“We look forward to updating shareholders as we execute on these attractive investment opportunities.”
Earlier this month the investment trust made two acquisitions in deals worth up to £24.8m.
It said it had exchanged contracts to add two care homes comprising 166 beds to the group’s portfolio, bringing its total 111 care homes and 6,141 beds.
Impact said the deals will increase the group’s contracted annual rent roll to £33.4m, an eight per cent jump on December’s levels.