Travers Smith LLP has advised Impact Healthcare REIT plc (Impact) on a new three-year £26 million revolving credit facility made available by National Westminster Bank plc (NatWest), with an accordion feature which could take the facility up to £50 million alongside the option of two one-year extensions. This new facility will help to ensure that Impact continues to be well capitalised and support its future growth plans. Travers Smith has now advised on all four of Impact's debt facilities, with its total committed facilities now standing at £141 million.
Impact is a real estate investment trust trading on the Premium Segment of the Main Market of the London Stock Exchange. It invests in a diversified portfolio of UK healthcare real estate assets, in particular residential care homes.
The NatWest facility is secured by a portfolio of care homes in the UK built up by Impact through multiple separate property acquisitions, on which Impact's relationship partner at Travers Smith, Aaron Stocks, has also advised.
The Travers Smith team was led by Real Estate Finance Partner Jamie Parish with support from Associate Alastair Lowson and Trainees Will Legood and Reece Morgan. Real Estate advice was provided by Senior Counsel Sarah Walker, Senior Associate Gareth Wynne, Associates Chris Towland and Neela Bhurtun, and Trainee James O'Neill.
David Yaldron, Finance Director at Impact commented "This new facility with NatWest further increases Impact's balance sheet flexibility and allows us to continue pursuing attractive investment opportunities. We are grateful for the continued support of the Travers Smith team on this deal and their driven and solution-oriented approach."
Jamie Parish said "We are delighted to continue our longstanding and genuinely cross-practice engagement with Impact. Having advised on its fundraisings and property acquisitions, as well as all its debt facilities to date, the depth of our relationship enabled us to collaborate across teams and with Impact and its other advisors to deliver this transaction smoothly, and help put Impact in a position to execute on a strong pipeline of further acquisitions."