Civitas Social Housing PLC Acquisition (6468U)
October 26 2017 - 1:00AM
UK Regulatory
TIDMCSH
RNS Number : 6468U
Civitas Social Housing PLC
25 October 2017
26 October 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP1.9 million Acquisition of a Specialist Supported Living
Property
The Board of Civitas Social Housing PLC is pleased to announce
the Company has completed the purchase of a specialist supported
living property for a total consideration of GBP1,924,000,
comprising the freehold interest in a new-build property with 12
tenancies. The properties are immediately income generating with an
initial net yield in line with the Company's expectations and both
were sourced off-market by Civitas Housing Advisors Limited, the
Company's Investment Manager.
The property is situated in the West Midlands, and has been
adapted for tenants with physical and/or mental disabilities or
other care needs, and there is a care provider in place for the
property.
The property is subject to a 25-year lease with a specialist
Housing Association - Trinity Housing Association ("Trinity") -
focused around specialist supported living, with rents established
by the relevant local authority and adjusted annually in line with
CPI over the full period. Trinity is a Registered Provider,
regulated by the Homes and Communities Agency and a counterparty to
leases within the Company's previous portfolios.
The investment 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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