LONDON, UK: Civitas Social Housing has completed the acquisition of three supported living properties and exchanged on one further property all located in the East of England for a total consideration of £2.5 million.
The acquisition is composed of four self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care needs.
The properties are leased to Chrysalis Supported Association Limited, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum. Additionally, the properties benefit from nomination agreements with the respective local authorities that support the rental income for between ten and twenty years. Chrysalis is a counterparty to existing leases within the Company’s portfolio.
The properties are immediately income generating with an initial net yield in line with the Company’s present expectations and were sourced by Civitas Investment Management Limited, the Company’s Investment Adviser.
In line with the Company’s strategy, Civitas continues to deploy the M&G facility proceeds towards properties that have been significantly adapted or purpose-built for the delivery of mid to higher acuity care and has a significant pipeline of similar opportunities which are progressing well.
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28 Jun, 4:42 pm GMT+1 ·Disclaimer