Property investor Civitas Social Housing PLC said the 5th of January that it purchased five supported-living and residential care properties for a combined GBP6.7 million.
Four of the acquired units are residential care properties in Kent, which are operated by Chrysalis Supported Association Ltd. The remaining property is a supported living facility in Luton, Bedfordshire which is managed by Falcon Housing Association.
Each of the properties is subject to a 25-year lease with rents adjusted annually in line with the UK consumer prices index over the full period. All properties will generate income for Civitas immediately with a net initial yield in line with the company’s expectations.
The acquisitions will be funded using the company’s existing cash resources.
Civitas raised GBP350 million in its November 2016 initial public offering. In November 2017, it raised a further GBP302.0 million through a C share issue and secured loans totalling GBP92.5 million.
Shares in Civitas were trading flat at 113.00 pence on Friday.
