Civitas Social Housing PLC Acquisition (2665U)
23 October 2017 - 5:00PM
UK Regulatory
TIDMCSH
RNS Number : 2665U
Civitas Social Housing PLC
23 October 2017
23 October 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP3.1 Acquisition of a Portfolio of Specialist Supported Living
Properties
The Board of Civitas Social Housing PLC is pleased to announce
the Company has completed the purchase of a portfolio of specialist
supported living properties for a total consideration of
GBP3,055,000, comprising the freehold interest in 18 properties and
leasehold interest in 1 property, with 30 tenancies, in the West
Midlands. 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, the
Company's Investment Manager.
Each property is subject to a 22-year lease with a specialist
Housing Association - Inclusion Housing CIC ("Inclusion") - focused
around specialist supported living, with rents established by the
relevant local authority and adjusted annually in line with CPI
over the full period. Inclusion is a Registered Provider, regulated
by the Homes and Communities Agency and a counterparty to leases
within the Company's previous portfolios.
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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