Civitas Social Housing has expanded its UK portfolio with the acquisition of properties worth £85.6m (€98.6m).
Civitas has bought 19 regulated social housing properties comprising 266 tenancies for £73.5m and has also exchanged contracts on two further properties comprising 65 tenancies for £12.1m. Seller’s details were undisclosed.
The FTSE 250 listed real estate investment trust (REIT) said the properties are situated across England and Wales over 14 local authority areas and supported by six separate care providers.
The acquisition has been financed from the company’s existing debt facilities as all equity capital raised to date has, save for a contingency reserve, been invested in income generating properties, it said.
The UK REIT said it intends to complete and announce the arrangement of additional debt facilities in the coming weeks.
Paul Bridge, Chief Executive Officer of Civitas Housing Advisors, said: “We are delighted to have completed our largest deal so far, and to have acquired properties which are of the highest quality, run by focused and operationally robust registered providers.
“For investors, these properties will be immediately income-generating; for tenants, they offer the opportunity to live as independently as possible within their communities.”
Civitas, which listed on the London Stock Exchange in November 2016, has now invested £767.5m in 587 properties.