(Alliance News) -Â Civitas Social Housing PLC on Friday said it has completed the purchase of ten supported-living properties across England and Wales for a total of GBP8.6 million.
The properties are leased to Inclusion Housing Community Interest Co, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per year and a maximum indexation of 4%.
The properties, located across Hertfordshire, Essex, Suffolk and Wales, are "immediately" income generating with an initial net yield in line with the company's present expectations. They were sourced by Civitas Investment Management Ltd, the company's investment adviser.
"In line with the company's strategy, Civitas continues to deploy the M&G facility proceeds on properties that have been significantly adapted or purpose-built for the delivery of mid to higher acuity care and has a significant pipeline of similar opportunities which are progressing well," the care-based housing investor said.
Shares in Civitas were flat at 117.60 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
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