Civitas acquires specialist supported living portfolio
Source - SMW
Civitas Social Housing has completed the purchase of five specialist supported living and residential care properties for £6.7m.
The portfolio includes four residential care properties in Kent, managed by Chrysalis Supported Association, which is regulated by the HCA, and one specialist supported living property in Luton, managed by Falcon Housing Association, also regulated by the HCA.
This portfolio was sourced off-market by Civitas Housing Advisors, the company's investment adviser.
Civitas said the residential care properties in this portfolio were already being used to deliver care and the existing provider would continue to support residents.
It said that on completion, all five properties would immediately generate income with an initial net yield in line with the company's expectations, based on the purchase price (excluding purchase costs).
It said each of the properties was subject to a 25-year lease arrangement with rents adjusted annually in line with CPI over the full period.