Civitas Social Housing PLC Acquisition (0366B)
05 January 2018 - 6:00PM
UK Regulatory
TIDMCSH
RNS Number : 0366B
Civitas Social Housing PLC
04 January 2018
5 January 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP6.7 million acquisition of five specialist supported living
properties
The Board of Civitas Social Housing PLC is pleased to announce
it has completed the purchase of five specialist supported living
and residential care properties for a total consideration of GBP6.7
million ("the portfolio"). The portfolio includes four residential
care properties in Kent, managed by Chrysalis Supported Association
Limited ("Chrysalis"), which is regulated by the HCA, and one
specialist supported living property in Luton, managed by Falcon
Housing Association, also regulated by the HCA.
This portfolio was sourced off-market by Civitas Housing
Advisors Limited ("CHA"), the Company's Investment Adviser.
The residential care properties in this portfolio are already
being used to deliver care and the existing provider will continue
to support residents.
On completion, all five properties will immediately generate
income with an initial net yield in line with the Company's
expectations, based on the purchase price (excluding purchase
costs).
Each of the properties within the Portfolio is subject to a
25-year lease arrangement with rents adjusted annually in line with
CPI over the full period.
Chrysalis is a housing association specialising in renting and
operating social housing for people with support needs. It provides
principally specialist supported accommodation designed to meet a
range of housing needs for adults with learning disabilities and
mental illness. The Company is pleased to be working with Chrysalis
for the first time with these properties. Falcon is a registered
provider, regulated by the Homes and Communities Agency and is a
counterparty to leases within the Company's previous
portfolios.
The acquisitions were funded through the Company's cash
resources from the Company's recently issued C Share. In due
course, it is intended that leverage will be applied to this
portfolio in accordance with the Company's stated policy.
The social homes owned by Civitas are provided on a long-term
basis to Housing Associations with a wide range of tenants who vary
in age profile and in the level of support that each receives.
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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