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Impact Healthcare buys 2 UK care homes for £8M; Local Shopping to shed 15 assets

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* Impact Healthcare REIT PLC acquired the 74-bed Carnbroe Care Centre near Glasgow and the 64-bed Grenville Court Care Home close to Norwich for a total of £8.3 million, including costs. The real estate investment trust signed new 20-year lease agreements with Minster Care Group Ltd. for each care home.

* Local Shopping REIT PLC agreed to sell seven assets for a cash sum of £3.7 million. Additionally, the REIT agreed to sell eight more properties to the same buyer, details of which were not disclosed, for an estimated £5.3 million, subject to certain conditions. The company will use the net proceeds from the sale to repay a banking facility.

* In its results statement for the year ended March 31, Urban Logistics REIT PLC said it had wrapped up the sale of a site at Bedford's Hammond Road in November 2017 for £5.8 million, excluding sales costs, reflecting a 6.0% net initial yield. The sum represents a 64% gain on the cost of the property and an internal rate of return of roughly 43%.

The deal completion follows the recent agreement for a 10-year lease on the property to P W Gates, according to a release.

South Africa

* Diversified REIT Arrowhead Properties Ltd. sold the 13,347-square-meter vacant Hill Street building in Randburg to an unnamed student housing developer for 60 million rand, including value-added tax, on April 24, the company noted in its latest results statement.

Additional coverage

Stockmann sells mixed-use asset in Finland for €108.5M

WeWork signs 20-year lease for office space in London's Holborn district

Great Portland Estates to sell reported £455M of long-dated assets in 2 years

Testa Residencial completes €207M purchase of 1,329 Spanish apartments

London-based developer sells office asset in Dublin for €101M

Frasers Property to buy Dutch warehouse facility for €25M

As of May 24, US$1 was equivalent to 12.45 rand.