Civitas completes portfolio buy in North East England

Civitas Social Housing has completed the purchase of a portfolio of regulated social housing in North East England for a total of £6.0m, its fourth acquisition announcement this month.

The portfolio comprised the freehold interest in supported living properties, with 52 tenancies.

It was immediately income generating with an initial net yield in line with Civitas' expectations and was sourced off-market.

Each property was subject to a 25-year lease with a specialist Housing Association -- Kindstream Housing CIC -- focused around supported living, with rents established by the relevant local authority and adjusted annually by inflation (CPI) over the full period.

Kindstream is a Registered Provider, regulated by the Homes and Communities Agency and a counterparty to leases within the Company's previous portfolios.

At 12:52 BST, shares in Civitas were up 0.9% to 112.75p each.