Civitas Social Housing PLC Completion of New Facilities in Wales (8912W)

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RNS Number : 8912W

Civitas Social Housing PLC

24 August 2020

24 August 2020

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Completion of New Facilities in Wales

The Board of Civitas Social Housing PLC, the leading care-based social housing REIT, is pleased to announce that the Company has now completed the acquisition of the final, larger phase of its new build supported housing and healthcare facilities in Wales. This follows the completion of the first phase in June 2020 (together the "Schemes"). The Schemes were acquired for a total consideration of GBP12.4 million (excluding purchase costs). This acquisition enables Civitas to extend the geographic coverage of the Company's portfolio within the UK and further enhances portfolio diversity.

The Schemes provide 65 beds for individuals with learning disabilities, autism and mental health care needs. They have been designed to meet the specific needs of its residents and have been developed in collaboration with relevant local authorities and commissioning bodies.

The properties within the Schemes are situated in two separate local authority areas within South Wales and are supported by an established care provider with a proven track record and a strong reputation in the region.

The properties are leased to the social landlord Bespoke Supported Tenancies Limited ("BeST") who are an existing counterparty to leases within the Company's portfolio. The Schemes also benefit from equivalent back-to-back leases between the care provider and BeST.

The Schemes are immediately income-generating with an initial net yield in line with the Company's expectations. Th e development was identified off-market by Civitas Investment Management Limited, the Company's investment adviser.

Paul Bridge, CEO Social Housing, Civitas Investment Management, said:

"We are delighted with the completion of this acquisition. These are needs led state-of-the-art facilities, specifically designed to enable vulnerable adults to live in secure, safe and suitable homes within their communities. This is in line with our stated objective: to deliver sustainable returns to our shareholders by making socially beneficial investments within the housing and healthcare sectors in the UK."

ENDS

For further information, please contact:

Civitas Investment Management Limited

   Paul Bridge                                          Tel: [phone] 
   Andrew Dawber                                  Tel: [phone] 

Panmure Gordon

   Sapna Shah                                          Tel: [phone] 
   Tom Scrivens                                        Tel: [phone] 

Liberum Capital Limited

   Gillian Martin / Chris Clarke              Tel: [phone] 

Buchanan

   Helen Tarbet / Henry Wilson             Tel: [phone] 
   Hannah Ratcliff / George Beale         [e-mail] 

Notes:

Civitas Social Housing PLC (CSH) was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT, to raise long-term, sustainable, institutional capital to invest in care-based social homes and healthcare facilities across the UK. So far, CSH has completed more than 120 individual transactions to build the largest portfolio of its kind that has been independently valued at GBP885 million (as at 30 June 2020). CSH provides homes for 4,292 working age adults with long-term care needs, in 618 bespoke properties that are supported by 118 specialist care providers, 15 housing associations over 164 individual local authority areas. Most recently, CSH has extended its mandate to be able to work directly with the NHS and other leading care-based organisations.

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August 24, 2020 02:00 ET (06:00 GMT)