Christie & Co reveals ‘ largest care home deal in Scotland in 15- plus years’
Business proper t y adviser Christie & Co has facilitated what it said is the largest care home deal in Scotland in more than 15 years.
The firm was involved in the sale and leaseback of a portfolio of nine care homes across Scotland on behalf of Holmes Care Group, while it has also revealed the sale of a hotel in Perth and Kinross.
The care homes have been bought by Impact Healthcare Reit, with the net purchase price before transaction costs £ 47.5 million and the initial rent £ 3.5m, reflecting a yield of 7.4 per cent.
A deferred payment structure has been agreed with the vendors, whereby Impact will pay up to £ 3m based on the trading performance of the nine homes, in exchange for an annual rent increase of up to £ 225,000.
The portfolio was previously owned by family- run Holmes Care Group, which pursued sale and leaseback as it allowed owners Shiraz and Indumati Lakhani to retire whilst allowing their daughter to continue to operate and grow the business. Sharifa Lakhani, MD of Holmes Care Group, said the deal will enable the firm to continuously invest in its homes across Scotland “whilst maintaining our proud tradition as a family- run business”.
Martin Daw, senior director at Christie & Co, said: “For the deal to be agreed and concluded during this very difficult time we find ourselves in goes to show the confidence in the Scottish care home sector and our client’s quality of operation.”
Meanwhile, Christie & Co has announced that The Glenisla Hotel, a small country hotel in Kirkton of Glenisla, has been sold after being refurbished.
The ten- bedroom property has been bought by Bryan and Isobel Webster, and terms were not disclosed.