The Board of Directors of Impact Healthcare REIT PLC announced that the Group has completed the transfer of three homes located in Bradford (the "Bradford Portfolio") to a new tenant, We Care Group ("We Care"), on long-term leases. These homes have been operated by Melrose Holdings Limited ("MHL") following their transfer from the Silverline Group ("Silverline") as part of a recovery plan first announced by the Group in June 2023. Since acquiring Silverline's tenant companies, MHL has stabilised the operation of the homes, including the Bradford Portfolio.

As a result, discussions have taken place with potential long-term, third-party operators and the Board has concluded that it is in the best interests of all the Company's stakeholders to facilitate the transfer of the Bradford Portfolio to We Care, providing a long-term future for the homes. The Company has granted a rent-free period to We Care and lease incentives of £1.46 million of which £0.25 million is additional cash to invest directly in the homes. These incentives will enable We Care to complete the refurbishment of the homes and are expected to be fully recovered over the life of the leases.

It is anticipated that the Bradford Portfolio will resume paying rent in the first quarter of 2025. The four remaining homes, located in Scotland, that were transferred from Silverline continue to be operated by MHL. The Investment Manager is making progress with its negotiations to transfer these four homes to a new operator on long-term leases.