Impact Healthcare REIT PLC on Friday said it has negotiated a transaction to transfer the operations of seven care homes to a new operator.
The London-based healthcare-focused real estate investment trust said the seven homes - which are currently let to Silverline Group - will be transferred to Melrose Holdings Ltd, an affiliate of an existing tenant.
The company said Silverline has not paid contractual rent for the properties for the two quarters to March 31 and to June 30, but noted that it has received GBOP400,000 from the tenant’s rent deposits.
Impact said the seven care homes represent 3.4% and £1.6 million of its total annual contracted rent.
‘In negotiating this handover of seven homes from Silverline, the board placed high priority on the best interests of the residents who live in these homes and the staff who work in them by ensuring continuity of care and operational improvements,’ the firm said.
Impact added that Minster Car Group Ltd will support the turnaround of the care homes, noting its ‘long and effective track record of taking on and improving under-performing care homes’.
Impact said it expects to lose around £1 million in rent compared to its original budget for 2023.
Impact Healthcare shares closed up 1.8% at 100.31 pence each in London on Friday.
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