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Travers Smith advises on £160m IPO of Impact Healthcare REIT plc

Thursday, 23 March 2017
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Tuesday, 7 March 2017

Travers Smith LLP has acted as counsel to new real estate investment trust, Impact Healthcare REIT plc (the "Fund") in connection with its initial public offering and successful fundraising of £160 million.

The Fund's investment policy is to acquire, own, lease, renovate, extend and redevelop high quality, healthcare real estate assets in the UK and lease those assets, under full repairing and insuring leases, primarily to healthcare operators providing residential healthcare services. 

The Fund has agreed to acquire a seed portfolio of up to 58 residential care homes offering 2,558 beds (the "Seed Portfolio") for £152.8m and to lease the Seed Portfolio to its initial tenants, Minster Care Management Limited and Croftwood Care Limited for a total rent of £11.7m, in each case for an initial term of 20 years with an option to extend for two further 10 year periods.

Admission to trading on the Specialist Fund Segment of the London Stock Exchange took place at 8.00 a.m. today.

The Travers Smith team was led by investment funds partner Aaron Stocks and also included investment funds associates Leigh Stockey and Thomas Kenny, with specialist advice provided by real estate partner, Anthony Judge and associates, Gareth Wynne and Andrew Ross and tax partner, Simon Yates and associate, Madeline Gowlett.

Aaron Stocks, Investment Funds partner commented:

"We are delighted to have advised Impact Healthcare REIT on its IPO and look forward to completing the acquisition of its Seed Portfolio.   Travers Smith has played a key role in a number of fundraisings in this asset class and we look forward to working with the Fund as it develops."


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