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Civitas Social Housing Buys 10 UK Properties For GBP11.0 Million

LONDON (Alliance News) - Civitas Social Housing PLC said on Tuesday it has acquired a portfolio ...

Alliance News 2 May, 2017 | 12:51PM
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LONDON (Alliance News) - Civitas Social Housing PLC said on Tuesday it has acquired a portfolio of regulated social housing for a total of GBP11.0 million.

The portfolio comprises a freehold interest in 10 supported-living properties with 55 tenancies, in the West Midlands, South East and East of England. The portfolio is immediately income generating with an initial net yield in line with the company's expectations.

Each of the properties is subject to a 25-year lease with specialist housing associations, with rent established by local authorities and adjusted annually in line with the consumer price index.

The portfolio is funded through Civitas' cash resources. However in due course the company said intends to apply leverage to the portfolio to further enhance the yield from the investment.

Shares in Civitas Social Housing were down by 0.9% at 109.00 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Civitas Social Housing Ord 88.30 GBX -0.11 -

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