Civitas acquires £17.8m properties for supported living

A listed social housing company has bought a portfolio of specialist supported living properties in the North West for £17.8m.

Civitas Social Housing has bought the freehold in 23 properties and leasehold interest in three others with 182 tenancies.

The portfolio is immediately income generating with an initial net yield in line with the company’s expectations and was sourced off-market by Civitas Housing Advisors, company’s investment manager.

Each property is subject to a 25-year lease with a specialist housing association – Harbour Light Assisted Living CIC – focused around specialist supported living, with rents established by the relevant local authority and adjusted annually in line with CPI+1% over the full period.

Harbour Light is the 10th Housing Association to partner with Civitas.