Civitas Social Housing has exchanged contracts on a portfolio of regulated social housing for £11.5m.
The portfolio of 10 care homes and 79 tenancies is spread across the Midlands and is managed by Inclusion Housing. The portfolio was sourced off-market by Civitas Housing Advisors, the company’s investment adviser.
The properties in the portfolio have been operational for mor than 20 years and have an initial net yield of 6.3%.
Each of the assets in the portfolio is subject to a 30-year lease arrangement with Inclusion Housing Association and rents are adjusted annually by CPI plus 1% over the full period. Lifeways Community Care provides the care.
Completion is expected within two months.
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