Paul Bridge

Civitas acquires social housing properties for £85.6m

Real estate investment trust Civitas Social Housing PLC has completed the £85.6m acquisition of 21 properties across England and Wales.

Approximately £73.5m was used to complete the purchase of 19 regulated social housing properties comprising 266 tenancies.

In addition, it has also exchanged contracts on two further properties comprising 65 tenancies for a total consideration of £12.1m.

Paul Bridge, chief executive officer at Civitas Housing Advisors (pictured above), said: “We are delighted to have completed our largest deal so far, and to have acquired properties which are of the highest quality, run by focused and operationally robust registered providers.

“For investors, these properties will be immediately income-generating; for tenants, they offer the opportunity to live as independently as possible within their communities.”

All the properties that have been acquired by Civitas are either purpose-built or have been adapted for use as accommodation for tenants with lifelong learning disabilities and other care needs.

Following this news, Civitas recently reported a 10% increase (from £41m to approximately £45m) in its run rate rental income.

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