Civitas derives income ultimately from government payments – predominantly housing benefits. Its portfolio accommodates younger adults with multiple health vulnerabilities. The impact of COVID-19 has been nil, to date, as the income underpins the long-lease rental contracts into which the lessees enter. These are all CPI-linked and typically are of 20 years’ term or longer. In a third of cases, the care provider also underwrites the rent payments, in addition to the social housing provider lessee. Civitas is not a passive investor, but takes no development or care risk and, once the lease is signed, it takes no occupancy risk.
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