Civitas Social Housing PLC Acquisition (9324P)
June 01 2018 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 9324P
Civitas Social Housing PLC
01 June 2018
1(st) June 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP8.2 million acquisition of four residential care
properties
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has exchanged contracts (with completion expected
shortly) for the purchase of four residential care properties for a
total consideration of GBP8,243,776.67 ("the portfolio"),
comprising 53 tenancies. The portfolio is located in the Midlands
and will be managed by Falcon Housing Association ("Falcon").
Falcon is registered provider, regulated by the Regulator of Social
Housing, and is counterparty to leases within the Company's
existing portfolio.
The properties will be 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 residential care
accommodation for tenants with learning disabilities and additional
needs, and there is a care provider in place at each property. The
properties will each be subject to a 25-year lease with rents
adjusted annually in line with CPI over the full period.
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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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