Listed fund Civitas Social Housing has acquired 21 regulated social housing properties for a combined £85.6m.
The REIT, which listed in 2016, bought 19 assets comprising 266 tenancies for around £73.5m and a further two with 65 tenancies for £12.1m.
They are located across 14 local authority areas in England and Wales and are supported by six separate care providers: Encircle Housing, Chrysalis Supported Association, Inclusion Housing and Community Interest Company, Hilldale Housing Association and Bespoke Supported Tenancies.
The deals were financed from existing debt facilities. Civitas, which has gross LTV ratio of around 22%, said it intends to arrange additional debt facilities.
It is aiming for average gross indebtedness of 35% of portfolio value, with a hard cap on average of 40%. This will enable the company to secure around £170m of additional debt facilities “in due course”.
The purchases have boosted rental income at the landlord by 10%, to around £45m.
Since its listing the REIT has invested £767.5m in 587 properties, with 4,119 tenants.
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