Civitas continues acquisition drive

Civitas Social Housing has acquired five regulated social housing facilities for £3.9m.

The new additions, consisting of 27 tenancies, have been adapted as accommodation for people with learning difficulties and other care needs.

They have been leased to Bespoke Supportive Tenancies Limited, Chrysalis Supported Association Limited and Encircle Housing Limited – all counterparties to existing leases with Civitas.

The properties are subject to 25-year leases and were sourced off-market by Civitas Housing Advisors Limited, the company’s investment adviser.

Civitas said the properties will be immediately income-generating with an initial net yield in line with the its expectations.

Rents are adjusted annually in line with CPI over the full period.

Separately, the investment trust is in the process of completing the purchase of 15 social housing properties for £20.7m.

The completed transactions, as well as the conditional exchange, will be funded through the company’s C Share, with a total of £263.7m invested at the end of November.