Civitas Social Housing PLC £14.6m acquisition of regulated social housing (3170G)
March 01 2018 - 2:01AM
UK Regulatory
TIDMCSH
RNS Number : 3170G
Civitas Social Housing PLC
01 March 2018
1(st) March 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP14.6 million acquisition of regulated social housing
portfolio
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has completed the purchase of a regulated social
housing portfolio of 9 properties for a total consideration of
GBP14,595,082, with 63 tenancies. The properties are immediately
income generating with an initial net yield in line with the
Company's expectations and both were sourced off-market by Civitas
Housing Advisors Limited, the Company's Investment Manager.
The properties are situated in the West Midlands and have been
adapted for use as residential care accommodation for tenants with
learning disabilities and additional needs, and there is a care
provider in place.
The properties are each subject to a 25-year lease with a
specialist housing association - Chrysalis Supported Association
Ltd. ("Chrysalis") - focused on specialist supported living, with
rents adjusted annually in line with CPI over the full period.
Chrysalis is a registered provider, regulated by the Regulator of
Social Housing, and a counterparty to leases within the Company's
existing portfolio.
The portfolios were 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.
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 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
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
ACQDGGDDDSDBGII
(END) Dow Jones Newswires
March 01, 2018 02:01 ET (07:01 GMT)
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Sep 2024 to Oct 2024
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Oct 2023 to Oct 2024