Civitas Social Housing buys supported living properties for £9.1m

London-listed investment trust Civitas Social Housing has bought a portfolio of supported living properties across Britain for £9.1m.

The portfolio has an initial net yield of 6%, comprising the freehold or long leasehold interest in 20 supported living properties, with 51 tenancies.

This acquisition, which is funded through the company's cash resources, is part of a longer-term strategy to build a national, diversified portfolio of supported living properties in England and Wales and Civitas expects to make further acquisitions in the near future.

The properties are subject to a 25-year lease arrangement with one of three housing associations, Westmoreland Supported Housing Association, IKE Supported Housing and Hilldale Housing Association, with rents agreed by local authorities adjusted yearly in line with inflation.

Shares in Civitas Social Housing were up 0.23% to 107.75p at 0800 GMT.