1st May 2018 09:26
LONDON (Alliance News) - Civitas Social Housing PLC on Tuesday said it has bought two specialist supported living properties with 27 tenancies in Yorkshire and north-west England for GBP4.3 million.
The real estate investment trust said the accommodation has been adapted for tenants with learning disabilities and mental health needs and both have a care provider in place.
The properties were secured off-market by the company's investment manager Civitas Housing Advisors Ltd and will generate income immediately with a net initial yield in line with the company's expectations.
Each of the properties are subject to a 25-year lease with specialist housing association Encircle Housing Ltd.
Civitas said it funded the acquisitions through its cash resources from its recent C share issue.
The company raised GBP302.0 million through a C share issue in November last year and secured loans totalling GBP92.5 million in the same month.
Civitas added it was "intended that leverage will be applied to this portfolio in accordance with the company's stated policy and it is expected that this will further enhance the yield achieved from this investment."
The stock was trading 0.5% higher at 103.50 pence per share on Tuesday.
Related Shares:
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