£8.6m acquisition of supported living properties

RNS Number : 1091A

Civitas Social Housing PLC

28 May 2021

 

28 May 2021

CIVITAS SOCIAL HOUSING PLC

£8.6m acquisition of supported living properties in England and Wales

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 10 supported living properties across Hertfordshire, Essex, Suffolk and Wales for a total consideration of £8.6 million (excluding purchase costs).

The portfolio provides adapted homes along with personalised specialist care for 41 individuals with complex mental health care needs, administered by three care providers which already work across other properties within the Civitas portfolio.

The properties are leased to Inclusion Housing Community Interest Company ("Inclusion"), 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, Inclusion 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 on 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   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 on an IFRS basis at £901.1million (31 December 2020). Civitas now provides homes for 4,387 working age adults with long-term care needs, in 644 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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