Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

Civitas Social Housing Net Asset Value Rises Amid Encouraging Start

LONDON (Alliance News) - Civitas Social Housing PLC said on Thursday its net asset value had ...

Alliance News 23 November, 2017 | 1:06PM
Email Form

LONDON (Alliance News) - Civitas Social Housing PLC said on Thursday its net asset value had risen 5.3% since its November 2016 listing amid a "very encouraging" performance.

The social housing-focused property investment company raised GBP350 million from its initial public offering on November 18, 2016.

Between its IPO and September 30, its net asset value per share grew 5.3% to 103.2 pence. Shares in Civitas were 0.9% lower at 110.00 pence on Thursday, a premium of 6.6% to NAV.

By the end of the period, Civitas had deployed GBP285.3 million of its capital generating GBP17.4 million in annualised rent roll. Since the period end, Civitas have deployed a further GBP16.2 million and raised a further GBP302 million through a C share placing.

During the period, Civitas declared 2.25 pence per share as dividends in three payments. The company targets 3.0 pence per share to be distributed for the period through the end of 2017.

Civitas is targeting dividend per share of 5.0 pence thereafter. It expects this to grow "broadly" in line with inflation over time.

"The company's financial, operational and social performance over the period has been very encouraging", Civitas Chairman Michael Wrobel said. "Civitas continues to benefit from being a first mover and being able to invest in scale."

"It has achieved what it initially set out to; creating a property portfolio that offers investors the opportunity of long-term income and the potential for capital growth, whilst providing tenants with high quality stable homes", Wrobel said. "With the addition of the funds raised through the recent C share issue and debt issuance, we look forward to further capitalising on our pipeline of opportunities," Wrobel said.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2017 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

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

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites