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.’