Civitas Social Housing has secured an £84.6m (€69.7m) loan from M&G to help support the UK social housing real estate investment trust’s growth plans.
Announcing the deal, M&G said the loan provided by its real estate finance team is intended to be used to by the London-listed care-based social home provider to purchase new properties.
Civitas provides homes for 4,295 working-age adults with long-term care needs, in 619 bespoke properties that are supported by 118 specialist care providers, 16 approved providers over 164 individual local authority areas.
Michael Wrobel, the chairman of Civitas, said: “We expect this loan to be utilised over the coming months to bring forward our extensive pipeline of high-quality properties and continue to deliver on our dual mission of stable long-term income for our shareholders and excellent long-term accommodation for the residents in our properties.”
Duncan Batty, director of real estate finance at M&G, said: “We are proud to be able to support Civitas, who invest in specialist supported housing that enables greater autonomy and independence for those who need some degree of help or care.
“We hope this loan will have a positive social impact while also generating a return for our institutional clients.”
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