29 June 2021
CIVITAS SOCIAL HOUSING PLC
£2.5m acquisition of supported living properties in East of England
Civitas Social Housing PLC ("Civitas" or the "Company"), the UK's leading care-based housing and healthcare REIT, is pleased to announce that the Company has completed the acquisition of three supported living properties and exchanged on one further property all located in the East of England for a total consideration of £2.5 million (excluding purchase costs).
The acquisition is composed of four self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care needs.
The properties are leased to Chrysalis Supported Association Limited ("Chrysalis"), with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum. Additionally, the properties benefit from nomination agreements with the respective local authorities that support the rental income for between ten and twenty years. Chrysalis is a counterparty to existing leases within the Company's portfolio.
The properties are immediately income generating with an initial net yield in line with the Company's present expectations and were sourced by Civitas Investment Management Limited, the Company's Investment Adviser.
In line with the Company's strategy, Civitas continues to deploy the M&G facility proceeds towards properties that have been significantly adapted or purpose-built for the delivery of mid to higher acuity care and has a significant pipeline of similar opportunities which are progressing well.
For further information, please contact:
Civitas Investment Management Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews Tel: +44 (0) 20 3100 2000
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale [email protected]
Civitas Social Housing PLC ("Civitas") was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT, to raise long-term, sustainable, institutional capital to invest in care-based social homes across the UK. So far, Civitas has completed more than 120 individual transactions to build the largest portfolio of its kind that has been independently valued at £901.1million (31 December 2020). Civitas now provides homes for 4,391 working age adults with long-term care needs, in 648 bespoke properties that are supported by 119 specialist care providers, 16 approved providers and working with over 178 individual local authorities.