Civitas Social Housing PLC Completion of New Facilities in Wales (8912W)
24 August 2020 - 4:00PM
UK Regulatory
TIDMCSH
RNS Number : 8912W
Civitas Social Housing PLC
24 August 2020
24 August 2020
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Completion of New Facilities in Wales
The Board of Civitas Social Housing PLC, the leading care-based
social housing REIT, is pleased to announce that the Company has
now completed the acquisition of the final, larger phase of its new
build supported housing and healthcare facilities in Wales. This
follows the completion of the first phase in June 2020 (together
the "Schemes"). The Schemes were acquired for a total consideration
of GBP12.4 million (excluding purchase costs). This acquisition
enables Civitas to extend the geographic coverage of the Company's
portfolio within the UK and further enhances portfolio
diversity.
The Schemes provide 65 beds for individuals with learning
disabilities, autism and mental health care needs. They have been
designed to meet the specific needs of its residents and have been
developed in collaboration with relevant local authorities and
commissioning bodies.
The properties within the Schemes are situated in two separate
local authority areas within South Wales and are supported by an
established care provider with a proven track record and a strong
reputation in the region.
The properties are leased to the social landlord Bespoke
Supported Tenancies Limited ("BeST") who are an existing
counterparty to leases within the Company's portfolio. The Schemes
also benefit from equivalent back-to-back leases between the care
provider and BeST.
The Schemes are immediately income-generating with an initial
net yield in line with the Company's expectations. Th e development
was identified off-market by Civitas Investment Management Limited,
the Company's investment adviser.
Paul Bridge, CEO Social Housing, Civitas Investment Management,
said:
"We are delighted with the completion of this acquisition. These
are needs led state-of-the-art facilities, specifically designed to
enable vulnerable adults to live in secure, safe and suitable homes
within their communities. This is in line with our stated
objective: to deliver sustainable returns to our shareholders by
making socially beneficial investments within the housing and
healthcare sectors in the UK."
ENDS
For further information, please contact:
Civitas Investment Management Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Gillian Martin / Chris Clarke Tel: +44 (0) 20 3100 2222
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC (CSH) 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 and healthcare facilities across
the UK. So far, CSH has completed more than 120 individual
transactions to build the largest portfolio of its kind that has
been independently valued at GBP885 million (as at 30 June 2020).
CSH provides homes for 4,292 working age adults with long-term care
needs, in 618 bespoke properties that are supported by 118
specialist care providers, 15 housing associations over 164
individual local authority areas. Most recently, CSH has extended
its mandate to be able to work directly with the NHS and other
leading care-based organisations.
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END
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