Civitas Social Housing PLC Acquisition (6645M)
May 01 2018 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 6645M
Civitas Social Housing PLC
01 May 2018
1(st) May 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP4.3 million acquisition of two specialist supported living
properties
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has completed the purchase of two specialist
supported living properties for a total consideration of
GBP4,316,000, with 27 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 Yorkshire and North West England
and have been adapted for use as specialist supported living for
tenants with learning disabilities and mental health needs. There
is a care provider in place at both properties.
The properties are each subject to a 25-year lease with
specialist housing association Encircle Housing Limited
("Encircle"), with rents adjusted annually in line with CPI over
the full period. Encircle is regulated by the Regulator of Social
Housing and are counterparty to leases within the Company's
existing portfolio.
The properties were funded through the Company's cash resources
from the recently issued C share. In due course, it is intended
that leverage will be applied to these properties in accordance
with the Company's stated policy and it is expected that this will
further enhance the yield achieved from the investments.
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
ACQURRORWOASOUR
(END) Dow Jones Newswires
May 01, 2018 02:00 ET (06:00 GMT)
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Apr 2024 to May 2024
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From May 2023 to May 2024