Civitas Social Housing has completed the purchase of a portfolio of regulated social housing for £22.9m.
The portfolio comprises the freehold interest in 21 supported living properties, with 183 tenancies, in the South West of England.
Each property is subject to a 25-year lease with a specialist housing association – Providers of Accommodation and Support Housing Association (PASHA) – with rents established by the relevant local authority and adjusted annually by CPI+1% over the full period.
The properties in the portfolio have been adapted for use as specialist supported living homes for those with physical and/or mental disabilities or other needs with tailored support in place for tenants within each property.
The portfolio was funded through the company’s cash resources. Civitas intends to apply leverage the portfolio in time.