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Civitas adds another three properties

Civitas adds another three properties

Civitas adds another three properties – Civitas Social Housing PLC has announced the purchase of three specialist supported living properties for a total consideration of £8,064,109, comprising 42 tenancies. The properties are leased to Falcon Housing Association C.I.C. (“Falcon”) and Inclusion Housing C.I.C (“Inclusion”) both of which are regulated by the Regulator of Social Housing and is a counterparty to existing leases within the company’s portfolio.

The properties will be immediately income-generating with an initial net yield in line with the company’s expectations and were sourced off-market by Civitas Housing Advisors Limited, the investment manager.

The properties have been adapted for use as specialist supported living for tenants with autism, learning disabilities and other needs, and there is a care provider in place at each property. The properties are subject to either a 25 or 30 year lease and rents are adjusted annually in line with CPI over the full period.

The acquisitions were funded through the company’s cash resources from the C Share of which a total of £217.1m (before purchase costs) has now been invested. In due course, following conversion of the C Share, it is intended that leverage will be applied to this portfolio in accordance with their stated policy and it is expected that this will further enhance the yield achieved from this investment.

CSH / CSHC : Civitas adds another three properties

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