Civitas acquires four regulated social housing properties for £8.8m
Source - SMW
Civitas Social Housing on Monday said it had completed the purchase of four regulated social housing properties for £8.8m.
The company acquired three regulated social housing properties comprising 66 tenancies for a total of about £4.6m, and exchanged on a further property comprising 20 tenancies for a total of about £4.2m.
The properties would be immediately income-generating with an initial net yield in line with the company's expectations and were sourced off-market by Civitas Housing Advisors Limited, the company's investment manager.
The properties were leased to Falcon Housing Association and Inclusion Housing both of which were regulated by the Regulator of Social Housing and were counterparty to existing leases within the company's portfolio, Civitas said.
The properties were subject to 25 year leases and rents were adjusted annually in line with CPI over the full period, the company added.
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