Civitas Social Housing PLC £500 million Invested into Social Housing (8639Q)
June 11 2018 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 8639Q
Civitas Social Housing PLC
11 June 2018
11(th) June 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP500 million Invested into Social Housing
The Board of Civitas Social Housing PLC is pleased to announce
that since IPO in November 2016, the Company has invested over
GBP500 million in quality properties within the Social Housing
Sector in England and Wales.
Civitas now provides accommodation for nearly 3,000 vulnerable
adults across 122 local authorities, in partnership with 12
Registered Providers and 72 care providers.
All Civitas properties are managed by Registered Providers,
regulated by the Regulator of Social Housing and have been
immediately income-generating with initial net yields in line with
the Company's expectations. They are sourced off-market by Civitas
Housing Advisors Limited, the Company's investment manager.
Each property is subject to a long-term FRI based lease indexed
at either CPI or CPI+1. During the Company's financial year to 31
March 2019, it is expected that 100% of leases will enjoy an
indexation increase.
All properties are funded through the Company's cash resources
from the Company's Ordinary Shares and more recently issued C
Shares. In due course, it is intended that leverage will be applied
to the entire 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.
Michael Wrobel, Chairman of Civitas, commented: "This landmark
is a testament to the hard work of our Manager, Civitas Housing
Advisors, our growing reputation in the sector and the strength of
the long-term relationships we are building."
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
MSCFKKDPKBKBBAD
(END) Dow Jones Newswires
June 11, 2018 02:00 ET (06:00 GMT)
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Civitas Social Housing (LSE:CSH)
Historical Stock Chart
From Jul 2023 to Jul 2024