Impact Healthcare REIT targets $67m in share issuance

Impact Healthcare REIT is planning a £50 million ($67 million) capital raise through an issue of new ordinary shares of the company.

The REIT provides investors with exposure to a diversified portfolio of U.K. healthcare real estate assets, in particular care homes.

The company initially will use proceeds from the initial issue to pay down its drawn revolving credit facilities, which now stand at £67.5 million ($90.5 million). In addition, the company’s investment manager, Impact Health Partners, has £69 million ($93 million) of acquisitions in advanced legal discussions and a medium-to-longer-term investment pipeline of more than £290 million ($389 million).

The issue price of 114 pence per new ordinary share represents a discount of 2.7 percent to the closing price per ordinary share of 117.2 pence on Jan. 26 and a premium of 2 percent to the company’s estimated net-asset value per share of 111.81 pence as of Nov. 30, 2021.