Civitas makes ‘strong progress’ in first half

Real estate investment trust Civitas Social Housing completed purchases of properties totalling £150.7m, its half-year results for the period ended 30 September 2018 show.

The investor in regulated social housing in England and Wales had a property portfolio valuation of £678.7m at the end of the period.

Net asset value (NAV) was 106.1 pence per share, resulting in a total shareholder return of 5.7% on an annual basis.

As of 30 September 2018, Civitas had 522 properties in its portfolio managed by 15 housing associations across 140 local authorities. It provides a home and support to 3,440 people, the majority of whom have learning or physical disabilities and medium to high care needs. Residents are supported by 93 care providers.

Michael Wrobel (pictured), Civitas non-executive chairman, said: ‘Over the period, the company has made strong progress on its acquisition programme and has continued to work with its industry partners to improve the standard and availability of specialist supported housing.’

He added that the business was ‘very well positioned to continue to deliver on its strategy despite the more general political and economic uncertainly that exists at the present time.’