We Care Group has acquired long-term leases on three homes located in Bradford from Impact Healthcare REIT. 

These homes have been operated by Melrose Holdings following their transfer from the Silverline Group as part of a recovery plan first announced by Impact Healthcare last June. 

Impact has granted a rent-free period to We Care and lease incentives of £1.46 million of which £0.25 million is additional cash for direct investment in the homes. Impact stated the incentives are for We Care to complete refurbishment of the homes and are expected to be fully recovered over the life of the leases. The three homes are expected to resume paying rent in the first quarter next year.

In a statement Impact Healthcare REIT said: “We Care is an experienced operator with over 30 homes located throughout the North of England. As an operator, it has significant experience with turnaround homes, including in the Bradford submarket. We Care has committed to make further investment in the homes and has agreed to the inclusion of a landlord option to extend the leases to 35 years.

“The four remaining homes, located in Scotland, that were transferred from Silverline continue to be operated by Melrose Holdings. The investment manager is making progress with its negotiations to transfer these four homes to a new operator on long-term leases.

Andrew Cowley, managing partner of Impact Health Partners said: “I am delighted that we have secured a new tenant for the three homes in Bradford. This will provide a long-term partner and secure these high-quality and much needed homes to the benefit of both residents and staff. We would like to thank Melrose for stepping in and enhancing the operations in the homes over the last year, which will secure value over the long term for our shareholders.”