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CSH Civitas Social Housing Plc

79.80
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Civitas Social Housing PLC Acquisition (7402F)

22/05/2017 7:00am

UK Regulatory


Civitas Social Housing (LSE:CSH)
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From Mar 2019 to Mar 2024

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TIDMCSH

RNS Number : 7402F

Civitas Social Housing PLC

21 May 2017

22nd May 2017

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

GBP6.0m Acquisition of a Portfolio of Supported Living Properties

The Board of Civitas Social Housing PLC is pleased to announce the Company has completed the purchase of a portfolio of regulated social housing for a total consideration of GBP6.0 million, comprising the freehold interest in supported living properties, with 52 tenancies, in North East England. The portfolio is immediately income generating with an initial net yield in line with the Company's expectations and was sourced off-market by Civitas Housing Advisors Limited ("CHA"), the Company's Investment Manager.

Each property is subject to a 25-year lease with a specialist Housing Association, - Kindstream Housing CIC ("Kindstream") - focused around supported living, with rents established by the relevant local authority and adjusted annually by inflation (CPI) over the full period. Kindstream is a Registered Provider, regulated by the Homes and Communities Agency ("HCA") and a counterparty to leases within the Company's previous portfolios.

Both properties in the portfolio have been adapted for use as specialist supported living homes for tenants with physical and/or mental disabilities or other care needs, and a care provider for each property is in place.

The portfolio was 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.

The social homes owned by Civitas are provided on a long-term basis to Housing Associations with a wide range of tenants who vary in age profile and in the level of support that each receives.

By acquiring these social homes, and working with Housing Associations, Civitas seeks for tenants to experience a stable, high-quality living environment that offers good visibility of tenure and further, the Company promotes "additionality" by the provision of new equity capital that has the potential to be redeployed in the delivery of new social homes.

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

END

ACQUAUARBUAVUUR

(END) Dow Jones Newswires

May 22, 2017 02:00 ET (06:00 GMT)

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