Civitas Social Housing, a care-based social housing REIT, has acquired 15 supported living and care facilities in South Wales for a total of £10.9m.
The portfolio comprises 51 beds and long-term support for individuals with learning disabilities and mental health care needs along with dedicated facilities to develop and enhance independent living skills, such as cooking, numeracy and literacy.
The properties are subject to 25-year leases with Auckland Home Solutions.
The acquisition is the first to be financed with the proceeds from Civitas’ recently secured debt facility with M&G.
Paul Bridge, chief executive social housing, Civitas Investment Management, said: “We are delighted to complete this acquisition using proceeds from our new debt facility and leveraging our unique relationships within the sector to secure the purchase of these state-of-the-art care facilities. These have been adapted on a bespoke basis to enable individual vulnerable adults to live in a safe and secure home whilst remaining part of their community.
“The acquisition will extend the company’s geographic diversity whilst meeting the ongoing key strategic objective of delivering sustainable returns to shareholders and providing measurable social impact to society.”