A property portfolio has been purchased for £17 million by The Board of Civitas Social Housing PLC. This portfolio contains regulated social housing and also includes the freehold interest in 16 different supported living properties that have a total of 92 tenancies. These properties are located across the south of England.
It is thought that the company’s new portfolio will be able to generate income immediately and has an initial net yield expected to be at 6%. This yield has been expected because of the purchasing costs. The portfolio has been sourced by Civitas Housing Advisors Limited off market. Civitas Housing Advisors Limited is the Social Housing PLC’s Investment Advisor.
It was announced by the Board of the company that the purchase of the portfolio has been completed. Each of the properties that are included in the portfolio have a 25-year lease n it with one of two different Housing Associations. The two different housing associations that have leases on properties bought by the company are Westmoreland Supported Housing Association and Trinity Housing Association.
The properties within the portfolio will all have adaptations in order to be used as supported living homes. It is thought that these properties will be used by tenants that have a physical and/or mental disability. The properties will also offer supported living facilities for those with other care needs and there will also be a care provider in place in each of the properties.
After the acquisition of the property portfolio the company has invested a total of £106 million in 83 individual properties around the country. These properties provide a total of 487 tenancies and is becoming an increasingly varied portfolio for Civitas Social Housing PLC. The social homes that are owned by the company are offered to different housing associations over long terms in order to offer facilities for tenants of all ages that require different levels of support.
