Acquisition

RNS Number : 3587Q

Civitas Social Housing PLC

18 February 2019

 

18 February 2019

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Completion of £7.8 million acquisition of 9 regulated social housing properties

The Board of Civitas Social Housing PLC (the "Board") is pleased to announce that the Company has completed the purchase of 9 regulated social housing properties comprising 42 tenancies for a total consideration of £7,837,652.

The properties are leased to Encircle Housing Limited ("Encircle"), Auckland Home Solutions C.I.C. ("Auckland") and Inclusion Housing C.I.C. ("Inclusion") all of which are regulated by the Regulator of Social Housing and are counterparties 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 Company's investment adviser.

The properties have been adapted for use as accommodation for tenants with learning disabilities and other care needs, and there is a care provider in place at each property. The properties are subject to 25-year leases and rents are adjusted annually in line with CPI over the full period.

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.

Further announcements of additional purchases will be made in due course.

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge                            Tel: [phone]

Andrew Dawber                    Tel: [phone]

Cenkos Securities PLC

Sapna Shah                           Tel: [phone]

Tom Scrivens                        Tel: [phone]

Pagefield

Laurence Jones                      Tel: [phone]

David Leslie                          Tel: [phone]

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 advised by Civitas Housing Advisors Limited, who are authorised and regulated by the Financial Conduct Authority under Firms Reference Number 815699. 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.  The company is a constituent of the FTSE 250 index.

 

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