Civitas Social Housing PLC Acquisition (2054F)
February 19 2018 - 1:00AM
UK Regulatory
TIDMCSH
RNS Number : 2054F
Civitas Social Housing PLC
19 February 2018
19 February 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP13.8 million Acquisition of two Regulated Social Housing
Portfolios
The Board of Civitas Social Housing PLC is pleased to announce
the Company has completed the purchase of two regulated social
housing portfolios for a total consideration of GBP13,771,333,
comprising the freehold interest in 11 properties, with 69
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 properties are situated in Leicestershire and
Gloucestershire and have been adapted for use as specialist
supported living and residential care accommodation for tenants
with mental illness or other care needs, and there is a care
provider in place.
The properties are each 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 Regulator of Social Housing
and a counterparty to leases within the Company's previous
portfolios.
The portfolios 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 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 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
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
Paul Codd Tel: +44 (0)7846 885523
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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