Civitas Social Housing has secured a new £84.6m loan with M&G Investment Management to buy more care-based properties.
Civitas said it will use the proceeds of seven-year facility during 2021 to “enable the purchase of high-quality properties that form part of the pipeline of new transactions”.
The loan is secured against an existing portfolio of specialist supported living assets.
Civitas said drawdown of the facility will increase its loan-to-value ratio to 34.6%.
Michael Wrobel, 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.”
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