Civitas Social Housing PLC Acquisition (6841E)
October 22 2018 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 6841E
Civitas Social Housing PLC
22 October 2018
22 October 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP8.8 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 three regulated
social housing properties comprising 66 tenancies for a total
consideration of GBP4,563,575 and exchanged on a further property
comprising 20 tenancies for a total consideration of GBP4,214,836
with completion expected in the near term. The properties are
leased to Falcon Housing Association C.I.C. ("Falcon") and
Inclusion Housing C.I.C ("Inclusion") both of which are regulated
by the Regulator of Social Housing and are counterparty to existing
leases within the Company's 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 accommodation for
tenants with learning disabilities and other care needs, and there
is a care provider in place at each property. The properties are
subject to 25 year leases and rents are 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 of which a total of GBP225.9
million (before purchase costs) has now been invested. In due
course, following conversion of the C Share, 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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