Civitas Social Housing PLC Acquisition (9357Y)
August 28 2018 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 9357Y
Civitas Social Housing PLC
27 August 2018
28(th) August 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP32 million acquisition of four regulated social housing
properties
The Board of Civitas Social Housing PLC is pleased to announce
that the Company has completed the purchase of four regulated
social housing properties for a total consideration of
GBP31,894,205, comprising 92 tenancies and places. The majority of
the beds are leased to Auckland Home Solutions ("Auckland"), a new
Registered Provider for Civitas. Auckland provide accommodation for
social housing and housing support to vulnerable adults in the
north east of England. The remaining beds are leased to Falcon
Housing Association C.I.C. ("Falcon"), a counterparty to existing
leases within the Civitas portfolio. Falcon and Auckland are both
regulated by the Regulator of Social Housing.
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 supported living
accommodation for tenants with learning disabilities and other
mental health needs, and there is a care provider in place at each
property. The properties are subject to 25-year leases with rents
adjusted annually in line with CPI over the full period.
The acquisitions were funded through the Company's cash
resources from the Company's 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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