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Civitas Social Housing closes £117M purchase of UK assets

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Civitas Social Housing closes £117M purchase of UK assets

Civitas Social Housing PLC closed the purchase of 405 units across 57 supported living and mental health properties in the U.K for a sum of £116.6 million.

The company said it additionally agreed to acquire four assets with 22 tenancies for a total of £4.9 million.

The properties are let under long-term leases to First Priority Housing Association, Falcon Housing Association C.I.C, Westmoreland Supported Housing Ltd. and Inclusion Housing C.I.C under long-term indexed leases ranging from 22 years to 35 years.

Civitas used its equity and proceeds of £27.6 million from a recent capital raise to fund the deals.