Member Article

Belmont Healthcare Announce 14 million Pound Development Deal

Following months of hard work and negotiation the Belmont Healthcare management team, with their advisers, have agreed on a landmark investment deal worth £14 million with the board of directors of Impact Healthcare REIT plc.

The deal sees Impact Healthcare REIT plc exchange contracts to acquire two care homes in Kent for £14.0 million plus acquisition costs. These acquisitions are with a new tenant, Belmont Healthcare, who will become the Group’s 14th tenant.

Adam Hutchison, Managing Director of Belmont Healthcare says: “We are really excited to be working with Impact Healthcare REIT plc. This is the beginning of our development journey which will hopefully see us bring our unique care model to a wider and more varied market across the UK.”

The exchange of contracts comprises of one home is a purpose-built, 120-bedroom property split over four units, each with 30 beds with significant potential for future value-enhancing asset management and development opportunities. The second transaction is the sale and leaseback of a recently refurbished and extended residential care home currently owned and operated by Belmont Healthcare.

Following completion, the intention is further investment in the 120-bedroom home to reconfigure the existing layout of each unit, reducing the number of bedrooms in each from 30 to 20. This will enable Belmont Healthcare to deliver elements of an innovative ‘household’ model of care for residents with dementia, developed in the Netherlands, which has proven beneficial to residents. These works will be undertaken on a phased basis to enable occupancy to be maintained. There is further potential for complementary, healthcare-related development on the site, which will be pursued once the existing units have been reconfigured.

Adam Hutchison, Managing Director of Belmont Healthcare says: “Working with our investment manager at Impact Health Partners LLP, we are looking forward to developing further Belmont Healthcare’s excellent reputation for quality care and securing several other acquisition opportunities in the near future.”

This was posted in Bdaily's Members' News section by Belmont Healthcare Group 1 .