Civitas Social Housing PLC Acquisition (7651D)
February 02 2018 - 5:01AM
UK Regulatory
TIDMCSH
RNS Number : 7651D
Civitas Social Housing PLC
02 February 2018
GBP3 million Acquisition of a Portfolio of Specialist Supported
Living Properties
2(nd) February 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
The Board of Civitas Social Housing PLC is pleased to announce
the Company has completed the purchase of a portfolio of specialist
supported living properties for a total consideration of
GBP2,964,000, comprising the freehold interest in 3 properties,
with 11 tenancies, in West Midlands and South East England. The
portfolio is immediately income generating with an initial net
yield in line with the Company's expectations and was sourced
off-market by Civitas Housing Advisors Limited, the Company's
Investment Manager.
The properties are subject to 25-year leases with specialist
Housing Associations Falcon Housing Association ("Falcon") and
Westmoreland Supported Housing Limited ("Westmoreland"), focused
around specialist supported living, with rents established by the
relevant local authority and adjusted annually in line with CPI
over the full period. Falcon and Westmoreland are both Registered
Providers, regulated by the Homes and Communities Agency and are
both counterparties to leases within the Company's previous
portfolios.
The portfolio was funded through the Company's cash resources
from the Company's recently issued C Share. In due course, it is
intended that leverage will be applied to this portfolio in
accordance with the Company's stated policy and it is expected that
this will further enhance the yield achieved from this
investment.
The social homes owned by Civitas are provided on a long-term
basis to Housing Associations with a wide range of tenants who vary
in age profile and in the level of support that each receives.
Civitas targets the objective of delivering sustainable returns
to its shareholders by making socially relevant investments within
the regulated social housing sector in England and Wales.
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3709 4622
Andrew Dawber Tel: +44 (0)20 3709 4626
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Pagefield
Philip Dennis Tel: +44 (0)7947 868206
David Leslie Tel: +44 (0)7584 070274
Notes: Civitas Social Housing PLC is the first Real Estate
Investment Trust offering pure play exposure to social housing in
England and Wales. The Company is managed by Civitas Housing
Advisors Limited. The Company is listed on the premium listing
segment of the Official List of the Financial Conduct Authority and
was admitted to trading on the main market for listed securities of
the London Stock Exchange in November 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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