Civitas Social Housing, a London listed Real Estate Investment Trust dedicated to invest in care-based social homes across the UK, has secured a £84.55 mln (€70 mln) loan from M&G’s Real Estate Finance team to finance new acquisitions over the year.
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.
Civitas intends to use the proceeds during 2021 to purchase high-quality properties that form part of the pipeline of new transactions.
‘We are delighted to have secured this new loan facility from M&G, a leading institutional lender with extensive experience and understanding of the social housing sector,’ said Michael Wrobel, Chairman of Civitas. ‘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, M&G, added: ‘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.’
M&G’s Real Estate Finance team is part of M&G’s £65.5 bn Private & Alternative Assets business. It has committed over £10 bn in commercial mortgages (as at 30 June 2020) in the UK, Europe and the USA on behalf of more than 100 global institutional investors.
