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Civitas Social Buys Three Specialist Supported-Living Properties

Mon, 9th Oct 2017 10:48

LONDON (Alliance News) - Civitas Social Housing PLC said Monday it has acquired three specialist supported living and residential care investments for GBP8.5 million.

Civtas said the purchase comprises of the freehold interest in five properties with 43 tenancies, and all are immediately income generating with an initial net yield in line with its expectations.

The first investment was acquired for GBP3.9 million and comprises of one property situated within the London Borough of Havering, with 17 tenancies, while the second investment was acquired for GBP1.4 million and comprises of one property situated in the West Midlands within the borough of Walsall and has 10 tenancies.

Both have 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 Civtas said. They are also both subject to a 25-year leases with a specialist Housing Association, Trinity Housing Association.

The third investment was acquired for GBP3.2 million and comprises of 16 tenancies within three properties in the West Midlands within Worcestershire. All the properties have been adapted for use as specialist supported living for tenants with care needs, and have 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.

Shares in Civitas Social Housing were up 1% at 110.25 pence Monday.

By Gem Sofianos;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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