Civitas Social Housing PLC Acquisition (3751T)
12 October 2017 - 5:00PM
UK Regulatory
TIDMCSH
RNS Number : 3751T
Civitas Social Housing PLC
12 October 2017
12 October 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP3.9 million Acquisition of a Portfolio of Supported Living
Portfolios
The Board of Civitas Social Housing PLC is pleased to announce
the Company has completed the purchase of a portfolio of supported
living accommodation for a total consideration of GBP3.9 million,
comprising the freehold interest in 4 properties, with 30
tenancies, in the South West of England. The portfolio is
immediately income generating with an initial net yield in line
with the Company's expectations and was sourced off-market by
Civitas Housing Advisors Limited ("CHA"), the Company's Investment
Manager.
Each property is subject to a 25-year lease with a specialist
Housing Association - Providers of Accommodation and Support
Housing Association ("PASHA") - focused around supported living,
with rents established by the relevant local authority and adjusted
annually by CPI+1% over the full period. PASHA is a Registered
Provider, regulated by the Homes and Communities Agency and a
counterparty to leases within the Company's previous
portfolios.
The properties in the portfolio have been adapted for use as
specialist supported living homes for tenants with physical and/or
mental disabilities or other needs, with tailored support in place
for tenants within each property.
The portfolio was funded through the Company's cash resources.
In due course, it is intended that leverage will be applied 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 3709 4622
Andrew Dawber Tel: +44 (0)20 3709 4626
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 company news service from the London Stock Exchange
END
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