Impact Healthcare REIT has purchased a portfolio of six care homes from Morris Care Limited for £56 million.
The portfolio has 438 high quality beds, of which 400 have en suite bathrooms, with five homes in Shropshire and one in Cheshire.
Four of the homes have EPC ratings of B, and two are rated C, with outline strategies in place for achieving an EPC rating of B.
The purchase price will partly be paid in cash and partly with an issue of new shares in the company, said the REIT.
The vendors have granted a licence for the homes to continue to trade under the Morris Care brand for three years and the operational management team of Morris Care will transfer to Welford Healthcare, which will operate the homes.
Welford is an existing group tenant and the investment will take the group’s relationship with Welford to 18 care homes across England with 1,087 beds.
