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Civitas Social Housing Buys Portfolio Of Properties For GBP3.9 Million

LONDON (Alliance News) - Civitas Social Housing PLC said Thursday that it has acquired freehold ...

Alliance News 21 December, 2017 | 11:01AM
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LONDON (Alliance News) - Civitas Social Housing PLC said Thursday that it has acquired freehold interest in seven supported-living properties for GBP3.9 million.

The properties are all located in the East Midlands region of England and comprise of 21 tenancies. The properties are immediately income generating with an initial net yield in line with the company's expectations.

The real estate investment trust said the properties are suitable for use as a living home for tenants with mental health issues and learning disabilities, and there is a care provider in place for the properties.

The properties are subject to 25-year leases with a Trinity Housing Association, which is focused on specialist supported living, with rents established by the relevant local authority and adjusted annually in line with Consumer Price Index over the full period.

The acquisition was funded from the company's cash resources.

Shares in the company were up 2.5% at 113.00 pence in morning trade.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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