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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Civitas Social Housing Plc | LSE:CSH | London | Ordinary Share | GB00BD8HBD32 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 79.80 | 79.70 | 80.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCSH
RNS Number : 0026T
Civitas Social Housing PLC
08 October 2017
9 October 2017
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP8.5 million Acquisition of Three Specialist Supported Living Investments
The Board of Civitas Social Housing PLC is pleased to announce the Company has completed the purchase of two specialist supported living and residential care investments for a total consideration of GBP8.5 million, comprising the freehold interest in 5 properties, with 43 tenancies. The properties are immediately income generating with an initial net yield in line with the Company's expectations and both were sourced off-market by Civitas Housing Advisors Limited ("CHA"), the Company's Investment Manager.
Investment One
Investment one was acquired for a total consideration of GBP3,900,000, comprising 17 tenancies within 1 property. The property is situated within the London Borough of Havering. The property has been adapted for use as a specialist supported living home for tenants with physical and/or mental disabilities or other care needs, and there is a care provider in place for the property.
Investment Two
Investment two was acquired for a total consideration of GBP1,400,000, comprising 10 tenancies within 1 property. The properties are situated in the West Midlands within the borough of Walsall. The property has been adapted for use as specialist supported living and residential care accommodation for tenants with physical and/or mental disabilities or other needs, and there is a care provider in place for the property.
The properties in Investment One and Investment Two are both subject to a 25-year leases with a specialist Housing Association - Trinity Housing Association ("Trinity") - focused around specialist supported living, with rents established by the relevant Local Authority and adjusted annually in line with CPI over the full period. Trinity is a Registered Provider, regulated by the Homes and Communities Agency and a counterparty to leases within the Company's previous portfolios.
Investment Three
Investment three was acquired for a total consideration of GBP3,200,000, comprising 16 tenancies within 3 properties. The properties are situated in the West Midlands within Worcestershire. The properties have been adapted for use as specialist supported living for tenants with care needs, and there is a care provider in place for the property.
These properties are subject to a 25-year lease with a specialist Housing Association - Falcon Housing Association C.I.C. focused around specialist supported living, with rents established by the relevant Local Authority and adjusted annually in line with CPI over the full period. Falcon Housing Association C.I.C. is a Registered Provider, regulated by the Homes and Communities Agency and a counterparty to leases within the Company's previous portfolios.
The investments were funded through the Company's cash resources. In due course, it is intended that leverage will be applied in accordance with the Company's stated policy and it is expected that this will further enhance the yield achieved from this investment.
Civitas targets the objective of delivering sustainable returns to its shareholders by making socially relevant investments within the regulated social housing sector in England and Wales.
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3709 4622 Andrew Dawber Tel: +44 (0)20 3709 4626
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922 Tom Scrivens Tel: +44 (0)20 7397 1915
Pagefield
Philip Dennis Tel: +44 (0)7947 868206 David Leslie Tel: +44 (0)7584 070274
Notes:
Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing in England and Wales. The Company is managed by Civitas Housing Advisors Limited. The Company is listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
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October 09, 2017 02:00 ET (06:00 GMT)
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