Impact Healthcare REIT PLC has announced the disposal of five non-core care homes for £8.8 million, in line with the latest valuation as of 31 March 2024. The homes include Ashgrove Care Home, Emmanuel House, and Hamshaw Court in East Yorkshire, as well as Eryl Fryn Care Home in Llandudno, Wales, and Stansty House Care Home in Wrexham. The sales are part of the company's active portfolio management policy and will help improve the sustainability performance of the Group's portfolio. Impact has achieved an unlevered IRR on these non-core homes of 6.6% per annum and aims to reduce its exposure to the Group's largest tenant through these transactions.
The three care homes in East Yorkshire were sold to a local owner and operator of care homes, subject to the approval of the Care Quality Commission. Additionally, Eryl Fryn Care Home and Stansty House Care Home were sold to an affiliate of Minster. Impact acquired these five care homes as part of its IPO seed portfolio in May 2017, and the decision to sell them was based on their history of relative under-performance, low EPC scores, or smaller size compared to the ideal for a care home. Following the sales, Impact will own 135 properties.
The company's dividend policy aims to maintain a progressive dividend covered by adjusted earnings, with a target total dividend for the year ending 31 December 2024 of 6.95 pence per share. Impact Healthcare REIT plc acquires, renovates, extends, and redevelops high-quality healthcare real estate assets in the UK, providing 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.