CIVITAS SOCIAL HOUSING PLC
(“Civitas” or the “Company“)
£17.8m Acquisition of a Portfolio of Specialist Supported Living Properties
The Board of Civitas Social Housing PLC is pleased to announce the Company has completed the purchase of a portfolio of specialist supported living properties for a total consideration of £17.8 million, comprising the freehold interest in 23 properties and leasehold interest in 3 properties, with 182 tenancies, in North West England. The portfolio is immediately income generating with an initial net yield in line with the Company’s expectations and was sourced off-market by Civitas Housing Advisors Limited (“CHA”), the Company’s Investment Manager.
Each property is subject to a 25-year lease with a specialist Housing Association – Harbour Light Assisted Living CIC (“Harbour Light”) – focused around specialist supported living, with rents established by the relevant local authority and adjusted annually in line with CPI+1% over the full period. Harbour Light is the 10th Housing Association to partner with Civitas.
Harbour Light is a Registered Provider, regulated by the Homes and Communities Agency (“HCA”) specialising in providing specialist supported living homes for individuals with learning disabilities and mental health illness in partnership with appropriate care providers. Harbour Light is based in Liverpool from where they manage properties predominantly across the North West region of England (Liverpool, Sefton, Knowsley and the Wirral).
The portfolio was funded through the Company’s cash resources. In due course, it is intended that leverage will be applied in accordance with the Company’s stated policy and it is expected that this will further enhance the yield achieved from this investment.
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.
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3709 4622
Andrew Dawber Tel: +44 (0)20 3709 4626
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Philip Dennis Tel: +44 (0)7947 868206
David Leslie Tel: +44 (0)7584 070274
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 managed by Civitas Housing Advisors Limited. 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