Civitas Social Housing PLC GBP2.5million acquisition (3984D)
June 29 2021 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 3984D
Civitas Social Housing PLC
29 June 2021
29 June 2021
CIVITAS SOCIAL HOUSING PLC
GBP2.5m acquisition of supported living properties in East of
England
Civitas Social Housing PLC ("Civitas" or the "Company"), the
UK's leading care-based housing and healthcare REIT, is pleased to
announce that the Company has completed the acquisition of three
supported living properties and exchanged on one further property
all located in the East of England for a total consideration of
GBP2.5 million (excluding purchase costs).
The acquisition is composed of four self-contained single
occupancy properties which have been specially adapted for adults
with learning disabilities and mental health care needs.
The properties are leased to Chrysalis Supported Association
Limited ("Chrysalis"), with rents adjusted annually in line with
CPI over the full-term and are subject to a lower limit of
inflation of 0% per annum and a maximum indexation of 4% per annum.
Additionally, the properties benefit from nomination agreements
with the respective local authorities that support the rental
income for between ten and twenty years. Chrysalis is a
counterparty to existing leases within the Company's portfolio.
The properties are immediately income generating with an initial
net yield in line with the Company's present expectations and were
sourced by Civitas Investment Management Limited, the Company's
Investment Adviser.
In line with the Company's strategy, Civitas continues to deploy
the M&G facility proceeds towards properties that have been
significantly adapted or purpose-built for the delivery of mid to
higher acuity care and has a significant pipeline of similar
opportunities which are progressing well.
ENDS
For further information, please contact:
Civitas Investment Management Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews Tel: +44 (0) 20
3100 2000
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC ("Civitas") was created in 2016 by
Civitas Investment Management Limited as the first dedicated London
listed REIT, to raise long-term, sustainable, institutional capital
to invest in care-based social homes across the UK. So far, Civitas
has completed more than 120 individual transactions to build the
largest portfolio of its kind that has been independently valued at
GBP901.1million (31 December 2020). Civitas now provides homes for
4,391 working age adults with long-term care needs, in 648 bespoke
properties that are supported by 119 specialist care providers, 16
approved providers and working with over 178 individual local
authorities.
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END
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