Civitas Social housing has exchanged contracts for the purchase of four residential care properties for a total consideration of £8.24 million, comprising 53 tenancies.
The portfolio is located in the Midlands and will be managed by Falcon Housing Association. Falcon is registered provider,
The properties will be immediately income-generating with an initial net yield in line with the Civitas’ expectations and were sourced off-market by Civitas Housing Advisors Limited, the Company’s Investment Manager.
The properties have been adapted for use as residential care accommodation for tenants with learning disabilities and additional needs, and there is a care provider in place at each property. The properties will each be subject to a 25-year lease with rents adjusted annually in line with CPI over the full period.
Civitas targets the objective of delivering sustainable returns to its shareholders by making socially relevant investments within the regulated social housing sector in England and Wales.