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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 : 8538W
Civitas Social Housing PLC
05 August 2018
6(th) August 2018
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP3.9 million acquisition of two Specialist Supported Living properties and one Registered Care property
The Board of Civitas Social Housing PLC is pleased to announce that the Company has completed the purchase of two specialist supported living properties and one registered care property for a total consideration of GBP3,880,288 ("the portfolio"), comprising 15 tenancies. The specialist supported living properties will be managed by Inclusion Housing C.I.C. ("Inclusion") and Falcon Housing Association C.I.C. ("Falcon"), both Inclusion and Falcon are counterparties to leases within the Company's existing portfolio. The registered care property will be managed by Bespoke Supportive Tenancies Ltd ("BeST"), a new Regisetred Provider for Civitas. BeST provide accommodation for vulnerable adults across the country which they tailor to the needs of their tenants and are registered with the Charities Commission. Inclusion, Falcon and BeST are all Registered Providers, regulated by the Regulator of Social Housing.
The properties will be immediately income-generating with an initial net yield in line with the Company's expectations and were sourced off-market by Civitas Housing Advisors Limited, the Company's investment manager.
The properties have been adapted for use as specialist supported living and residential care accommodation for tenants with LD, autism and other care needs, and there is a care provider in place at each property. The properties are subject to 25-year leases with rents adjusted annually in line with CPI over the full period.
The portfolio was funded through the Company's cash resources from the Company's recently issued C Share. In due course, it is intended that leverage will be applied to this portfolio in accordance with the Company's stated policy and it is expected that this will further enhance the yield achieved from this investment.
As noted previously, the Company is targeting several other significant transactions to be announced shortly and which have been subject to ongoing due diligene. In particular, the Company expects to complete a number of material acquisitions in the near term with an expected value of circa GBP100m.
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 3058 4844 Andrew Dawber Tel: +44 (0)20 3058 4846
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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August 06, 2018 02:00 ET (06:00 GMT)
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