Civitas acquires £22.9m property portfolio
(ShareCast News) - Civitas Social Housing announced Friday it had finalised the purchase of a regulated social housing portfolio across south west England for £22.9m.
The company expected the acquisition, comprising 21 supported living facilities, with 183 tenancies, to become revenue generating immediately, with an annual rent adjustment of CPI+1% per year over the lease.
Each property was subject to a 25-year lease with the Providers of Accommodation and Support Housing Association (PASHA), a specialist housing association focused on supported living for vulnerable people.
Purchase of the portfolio was funded from Civitas' cash resources.
As of 0940 BST, shares in Civitas were little changed, down by just 0.38p to 110.62p.