27th Apr 2021 08:24
(Alliance News) - Civitas Social Housing PLC on Tuesday said it has completed the acquisition of 15 supported living and care facilities in South Wales for GBP10.9 million.
Civitas Social is a FTSE 250-listed real estate investment trust focused on social care housing and healthcare facilities.
The portfolio provides 51 beds and long-term support for individuals with learning disabilities and mental health care needs. The properties are subject to 25-year leases with Auckland Home Solutions CIC.
Civitas said the properties are immediately income generating, with an initial net yield in line with its present expectations. They were sourced by Civitas Investment Management Ltd, the company's investment adviser.
"We are delighted to complete this acquisition using proceeds from our new debt facility and leveraging our unique relationships within the sector to secure the purchase of these state-of-the-art care facilities. The acquisition will extend the company's geographic diversity whilst meeting the ongoing key strategic objective of delivering sustainable returns to shareholders and providing measurable social impact to society," said Paul Bridge, chief executive of social housing at Civitas Investment Management.
Shares in Civitas were down 0.2% at 113.20 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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