Civitas Social Housing, the care-based housing and healthcare real estate investment trust, has acquired 10 supported living properties across Hertfordshire, Essex, Suffolk and Wales for a total consideration of £8.6 million, excluding purchase costs.
The portfolio provides adapted homes along with personalised specialist care for 41 individuals with complex mental health care needs, administered by three care providers which already work across other properties within the Civitas portfolio.
The properties are leased to Inclusion Housing Community Interest Company, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of zero pre cent per annum and a maximum indexation of 4% per annum. Additionally, Inclusion 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, the company’s investment advisor.
Civitas stated that it continues to deploy the M&G facility proceeds on 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.
Date published: May 28, 2021