£2.5million acquisition

RNS Number : 3984D

Civitas Social Housing PLC

29 June 2021

 

29 June 2021

CIVITAS SOCIAL HOUSING PLC

£2.5m acquisition of supported living properties in East of England

Civitas Social Housing PLC ("Civitas" or the "Company"), the UK's leading care-based housing and healthcare REIT, is pleased to announce that the Company has completed the acquisition of three supported living properties and exchanged on one further property all located in the East of England for a total consideration of £2.5 million (excluding purchase costs).

The acquisition is composed of four self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care needs. 

The properties are leased to Chrysalis Supported Association Limited ("Chrysalis"), with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum. Additionally, the properties benefit from nomination agreements with the respective local authorities that support the rental income for between ten and twenty years. Chrysalis is a counterparty to existing leases within the Company's portfolio.

The properties are immediately income generating with an initial net yield in line with the Company's present expectations and were sourced by Civitas Investment Management Limited, the Company's Investment Adviser.

In line with the Company's strategy, Civitas continues to deploy the M&G facility proceeds towards properties that have been significantly adapted or purpose-built for the delivery of mid to higher acuity care and has a significant pipeline of similar opportunities which are progressing well.

ENDS

For further information, please contact:

Civitas Investment Management Limited

Andrew Dawber                                   Tel: [phone]

Paul Bridge                                      Tel: [phone]

Panmure Gordon

Sapna Shah                                           Tel: [phone]

Tom Scrivens Tel: [phone]

Liberum Capital Limited

Chris Clarke / Darren Vickers / Owen Matthews   Tel: [phone]

Buchanan

Helen Tarbet / Henry Wilson   Tel: [phone]

Hannah Ratcliff / George Beale    [e-mail]

Notes:

Civitas Social Housing PLC ("Civitas") was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT, to raise long-term, sustainable, institutional capital to invest in care-based social homes across the UK. So far, Civitas has completed more than 120 individual transactions to build the largest portfolio of its kind that has been independently valued at £901.1million (31 December 2020). Civitas now provides homes for 4,391 working age adults with long-term care needs, in 648 bespoke properties that are supported by 119 specialist care providers, 16 approved providers and working with over 178 individual local authorities.

 

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