Civitas adds to its social housing portfolio
Civitas adds to its social housing portfolio – Civitas Social Housing (CSH) has completed the purchase of seven new properties for £5.4m.
Six of the properties are specialist supported living properties and one is residential care property. The properties, which currently have 44 tenancies, will be managed by Falcon Housing Association, a registered provider, and counter party to other leases within the Civitas’ existing portfolio.
The properties have been adapted for use as specialist supported living and residential care accommodation for tenants with autism and other care needs, and there is a care provider in place at each property. The properties are subject to 25-year leases with rents adjusted annually in line with CPI over the full period.
CSH is growing its portfolio in a variety of ways:
- Local authorities are identifying tenants with unmet needs and may approach CSH;
- Specialist developers are building both new supported living properties and converting existing housing stock which they then wish to sell on, approaching CSH; and
- Housing associations, encouraged by Homes England, are sometimes keen to free up capital to reinvest in new housing. CSH can provide this.
CSH says that most acquisitions will be made off-market, as they have been to date. CSH is happy to undertake the level of due diligence required for the acquisition of smaller portfolios and individual supported living properties, particularly those suitable for high acuity tenants (those with the greatest need for specialist care).
The portfolio was funded through the company’s cash resources from its recently issued C Shares.
For more on Civitas Social Housing, please read QuotedData’s initial research note entitled Socially beneficial investing by clicking here
CSH : Civitas adds to its social housing portfolio