24th Aug 2020 08:00
(Alliance News) - Civitas Social Housing PLC on Monday said it has now completed the acquisition of the final, larger phase of its new-build supported housing and healthcare facilities in Wales.
The schemes were acquired for GBP12.4 million, excluding purchase costs. This acquisition enables Civitas to extend the geographic coverage of the company's portfolio within the UK and further enhances portfolio diversity.
The FTSE 250-listed real estate investment trust said this follows the completion of the first phase in June. The schemes provide 65 beds for individuals with learning disabilities, autism and mental health care needs.
The properties are leased to the social landlord Bespoke Supported Tenancies Ltd who are an existing counterparty to leases within Civitas's portfolio.
The acquisition is immediately income-generating with an initial net yield in line with the company's expectations, it said.
"We are delighted with the completion of this acquisition. These are needs led state-of-the-art facilities, specifically designed to enable vulnerable adults to live in secure, safe and suitable homes within their communities," said Paul Bridge, chief executive of Social Housing at Civitas Investment Management Ltd, Civitas's investment adviser.
"This is in line with our stated objective: to deliver sustainable returns to our shareholders by making socially beneficial investments within the housing and healthcare sectors in the UK," added Bridge.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
CSH.L