Civitas Social Housing has completed the purchase of a portfolio of regulated social housing for a total consideration of €41.9m (£37.6m), comprising the freehold and long leasehold interest in 67 properties, with 362 tenancies, located across England. The properties will be managed by Bespoke Supportive Tenancies Ltd (“BeST”) and My Space Housing Solutions. The properties will be immediately income-generating with an initial net yield in line with the company’s expectations and were sourced off-market by Civitas Housing Advisors Limited, the company’s Investment Manager.
The properties are subject to long-term leases and have been adapted for use as supported living homes for tenants with physical and/or mental disabilities or other needs, and support is in place for tenants at each property.
The transaction was funded through the deployment of €12m (£10.8m) from company’s available debt finance resulting from the increase in the revolving credit loan facility, announced on 12 June 2018, which is secured against properties in the Ordinary Share class – and by the deployment of €29.8m (£26.8m) from the company’s more recently issued C Share capital.
