Civitas acquires five specialist properties for over £9m

The Board of Civitas Social Housing PLC has completed the purchase of five specialist supported living properties for a total consideration of £9,017,155.

This comprises 43 tenancies, and the properties will be managed by Chrysalis Supported Association Limted, Encircle Housing Limited and Falcon Housing Association.

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 manager.

The properties have been - or will be - adapted for use as specialist supported living accommodation for tenants with learning disabilities and other 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.

The properties were funded through the company’s cash resources. In due course, it is intended that leverage will be applied to this portfolio in accordance with the firm’s stated policy.

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.

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