Civitas buys eight properties in £38.3m deal

Civitas Social Housing has bought eight regulated social housing properties for £38.3m, comprising 126 tenancies.

The four largest homes are leased to Auckland Home Solutions, while the remaining four are to Falcon Housing Association. Both Auckland and Falcon are counterparties to existing leases within the Civitas portfolio.

The properties were sourced off-market by Civitas Housing Advisors Ltd, the company’s investment manager.

There is a care provider at each home, which are subject to 25-year leases. Rents will be adjusted annually in line with CPI over the full period.

The acquisitions were funded through Civitas’s cash resources from the company’s C share, of which £209m (before purchase costs) has now been invested.

As reported last month, Civitas announced two deals in the space of a week for a total of £69.5m.

Civitas has also been added to the FTSE EPRA (European Public Real Estate Association) Nareit Global Real Estate Index Series, effective as of Monday 24 September.

Michael Wrobel, Civitas chairman, said the inclusion to the index was ‘a great milestone and should assist in broadening the base of potential investors.’

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Deven Pamben has more than 15 years’ experience as a journalist, working on newspapers, trade magazines and online publications. A Criminology graduate, Deven worked for Hertfordshire Constabulary before becoming a journalist. He began his journalism career at a local newspaper in Hertfordshire before moving into trade magazines in permanent roles or as a freelancer. Titles he has reported and edited on include Law Society Gazette, Harpers Wine and Spirit, and Health Club Management. Deven has also written travel features for the Sunday People, and spent two years working in Beijing for the official press agency of the People’s Republic of China.