29th Jun 2021 08:33
(Alliance News) - Civitas Social Housing PLC on Tuesday said it has completed the purchase of three supported-living properties and exchanged on one further property for a total of GBP2.5 million.
The four single-occupancy properties are located in the east of England and have been adapted for adults with learning disabilities and mental health care needs.
The properties are "immediately" income generating with an initial net yield in line with the company's present expectations. They were sourced by Civitas Investment Management Ltd, the company's investment adviser.
Currently leased to Chrysalis Supported Association Ltd, the properties' rents are adjusted annually in line with the UK consumer price index over the full term and are subject to a lower limit of inflation of 0% per year and a maximum indexation of 4%.
Looking ahead, Civitas noted it had a "significant pipeline of similar opportunities which are progressing well".
Shares were up 0.2% at 116.80 pence early on Tuesday morning in London.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
CSH.L