TIDMCSH
RNS Number : 4010Q
Civitas Social Housing PLC
11 September 2017
11 September 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
LEI: 213800PGBG84J8GM6F95
Invested Capital Exceeds GBP284 million and Update
Following the recent announcement of the acquisition of 11
properties for a consideration of GBP5.8 million the total equity
invested by Civitas since IPO now exceeds GBP284 million (before
purchase costs).
Civitas has now established a diverse portfolio of built and
income generating social homes in England and Wales across 282
properties, 1,820 tenants, 10 housing associations, 82 local
authorities and 50 care providers.
Civitas Housing Advisors ("CHA") has developed a significant
pipeline of further opportunities, the value of which exceeds the
remaining investible equity and proposed debt finance.
At the present time the Company, through CHA, can confirm that
properties with a value in excess of GBP160 million are under
exclusivity/detailed heads of terms and it is anticipated that
subject to final due diligence these will complete over coming
weeks and will be funded through the Company's remaining available
cash resources and newly arranged debt financing.
The Company is pleased to confirm that it has signed detailed
heads of terms for its initial debt facilities of more than GBP90
million with leading UK financing institutions, which have
experience of lending to the social housing sector. It is
anticipated that the loan facilities will be in place around the
end of October on terms consistent with those anticipated at the
time of IPO, subject to final agreement. These proceeds will then
be deployed within the existing pipeline.
To ensure the continuity of investment beyond the immediate
pipeline, CHA has continued to develop numerous off-market
opportunities with various vendors for the provision of a
significant number of additional built social homes of a scale
greater than the amount of capital invested to date. This
significant pipeline is expected to grow further over coming
weeks.
As a result, and to capitalise on these new opportunities the
Company is now considering its options for raising additional
equity capital.
Michael Wrobel, Chairman of Civitas, commented:
"We are very pleased with the Company's progress since IPO and
are on-track to be fully invested within the timescales indicated
at IPO. In a short time, the Company has established itself as a
leading owner of built social homes, providing a very considerable
number of people with high quality homes that suit their particular
needs on a long-term basis. Civitas now has the potential to
strengthen this position further through additional investment. We
are grateful for the support and encouragement of the Company's
shareholders and the hard work of the team and our advisers. "
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 was 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
Disclaimer
The information in this announcement is for background purposes
only and does not purport to be full or complete. No reliance may
be placed for any purpose on the information contained in this
announcement or its accuracy or completeness. The material set
forth herein is for information purposes only and is not intended,
and should not be construed, as an offer of securities for sale in
any jurisdiction.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements involve known and unknown risks and uncertainties, many
of which are beyond the Company's control and all of which are
based on the Company's board of directors' current beliefs and
expectations about future events. These forward-looking statements
may be identified by the use of forward-looking terminology,
including the terms "believes", "estimates", "plans", "projects",
"anticipates", "expects", "intends", "may", "will" or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts.
Forward-looking statements may and often do differ materially from
actual results. Any forward-looking statements reflect the
Company's current view with respect to future events and are
subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's business,
the results of operations, financial condition prospects, growth
and dividend policy of the Company and the industry in which it
operates. Forward-looking statements speak only as of the date they
are made and cannot be relied upon as a guide to future
performance. These forward-looking statements and other statements
contained in this announcement regarding matters that are not
historical facts involve predictions. No assurance can be given
that such future results will be achieved; actual events or results
may differ materially as a result of risks and uncertainties facing
the Company. Such risks and uncertainties could cause actual
results to vary materially from the future results indicated,
expressed or implied in such forward-looking statements.
Forward-looking statements speak only as of the date of this
announcement. Certain figures contained in this announcement,
including financial information, have been subject to rounding
adjustments. Accordingly, in certain instances, the sum or
percentage change of the numbers contained in this document may not
conform exactly with the total figure given.
This announcement is directed only at: (i) persons having
professional experience in matters relating to investments who fall
within the definition of "investment professionals" in Article
19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005; or (ii) high net worth bodies corporate,
unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 and
persons who receive this announcement who do not fall within (i) or
(ii) above should not rely on or act upon it.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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