Impact Healthcare REIT PLC has announced the completion of the transfer of three care homes located in Bradford to a new tenant, We Care Group, on long-term leases. These homes were previously operated by Melrose Holdings Limited following their transfer from the Silverline Group as part of a recovery plan. We Care, an experienced operator with over 30 homes in the North of England, has committed to further investment in the homes and has agreed to extend the leases to 35 years. The Company has granted a rent-free period and lease incentives to We Care to facilitate the refurbishment of the homes.
The remaining four homes in Scotland, also transferred from Silverline, continue to be operated by MHL. The Investment Manager is in negotiations to transfer these homes to a new operator on long-term leases. The transfer of the Bradford leases to We Care is considered a smaller related party transaction, and the Company has obtained confirmation that the transaction is fair and reasonable for shareholders.
Andrew Cowley, Managing Partner of Impact Health Partners, expressed delight in securing a new tenant for the Bradford homes, emphasizing the long-term benefits for residents, staff, and shareholders. The Company aims to provide shareholders with an attractive sustainable return through exposure to a diversified and resilient portfolio of UK healthcare real estate assets, particularly care homes for the elderly. The target total dividend for the year ending 31 December 2024 is 6.95 pence per share, reflecting the Company's commitment to maintaining a progressive dividend covered by adjusted earnings.
Impact Healthcare REIT PLC's Ordinary Shares trade on the main market of the London Stock Exchange, premium segment, and the Company is a constituent of the FTSE EPRA/NAREIT index. Further information is available at www.impactreit.uk.
This news highlights Impact Healthcare REIT PLC's strategic transfer of care home operations to a new tenant, We Care Group, and the ongoing efforts to enhance its portfolio of healthcare real estate assets, ultimately aiming to provide sustainable returns for its shareholders.