Civitas Social Housing PLC £2.6m acquisition of five specialist properties (1897K)
April 09 2018 - 3:25AM
UK Regulatory
TIDMCSH
RNS Number : 1897K
Civitas Social Housing PLC
09 April 2018
9(th) April 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP2.6 million acquisition of five specialist supported living
properties
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has completed the purchase of five specialist
supported living properties for a total consideration of
GBP2,643,424 ("the portfolio"), containing 19 tenancies. The
portfolio includes four specialist supported living properties in
the north, north west and south west of England, managed by Falcon
Housing Association ("Falcon"), and one specialist supported living
property in Worcester managed by Blue Square Residential Limited
("Blue Square").
The properties are immediately income-generating with an initial
net yield in line with the Company's expectations and were sourced
off-market by Civitas Housing Advisors Limited, the Company's
Investment Manager.
The properties have been adapted for use as supported living
accommodation for tenants with learning disabilities and additional
needs, and there is a care provider in place at each property. The
properties are each subject to a 25-year lease with rents adjusted
annually in line with CPI over the full period.
Blue Square is a housing association providing supported housing
for vulnerable tenants, and is regulated by the Regulator of Social
Housing ("RSH"). The Company is pleased to be working with Blue
Square for the first time. Falcon is a registered provider, also
regulated by the RSH, and is 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
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