Civitas Social Housing PLC £37.6m acquisition of regulated social housing (5752Y)
August 22 2018 - 6:22AM
UK Regulatory
TIDMCSH
RNS Number : 5752Y
Civitas Social Housing PLC
22 August 2018
22 August 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP37.6 million acquisition of 67 regulated social housing
properties
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has completed the purchase of a portfolio of
regulated social housing for a total consideration of GBP37.6
million, comprising the freehold and long leasehold interest in 67
properties, with 362 tenancies, located across England.
The properties will be managed by Bespoke Supportive Tenancies
Ltd ("BeST") and My Space Housing Solutions ("MySpace"). BeST is a
registered provider, regulated by the Regulator of Social Housing,
and is counterparty to leases within the Company's existing
portfolio. MySpace is a new Registered Provider for Civitas,
providing accommodation for vulnerable adults across the country
which they tailor to the needs of their tenants. MySpace is
regulated by the Regulator of Social Housing, and is registered
with the Charities Commission.
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 are subject to long term leases and have been
adapted for use as supported living homes for tenants with physical
and/or mental disabilities or other needs, and support is in place
for tenants at each property.
The transaction was funded through the deployment of GBP10.8
million from Company's available debt finance resulting from the
increase in the revolving credit loan facility, announced on 12
June 2018, which is secured against properties in the Ordinary
Share class - and by the deployment of GBP26.8 million from the
Company's more recently issued C Share capital. To the extent not
already applied, it is intended that additional leverage will be
applied in due course 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
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END
ACQZMGZRGZMGRZM
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