Civitas Social Housing

Civitas invests over £500m in social housing

The board of Civitas Social Housing PLC has announced that since its IPO in November 2016, it has invested over £500m in properties within the social housing sector in England and Wales.

Civitas provides accommodation for nearly 3,000 vulnerable adults across 122 local authorities and has partnerships with 12 registered providers and 72 care providers.

All Civitas properties are managed by registered providers, regulated by the regulator of social housing and have been immediately income-generating with initial net yields in line with the company’s expectations.

The properties are sourced by the company’s investment manager Civitas Housing Advisors Limited and each property is subject to a long-term FRI-based lease indexed at either CPI or CPI+1.

All the properties are funded through the company’s cash resources from its ordinary shares and more recently issued C shares.

In due course, it is intended that leverage will be applied to the entire portfolio in accordance with Civitas’s stated policy and it is expected that this will further enhance the yield achieved from this investment.

Michael Wrobel, chairman at Civitas, said: “This landmark is a testament to the hard work of our manager Civitas Housing Advisors, our growing reputation in the sector and the strength of the long-term relationships we are building.”

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