We initiate coverage on Civitas Social Housing. Floated in November 2016, with a 5% dividend target, this was the first LSE-listed REIT dedicated to investing in regulated social housing, principally care-based supported living (100% here, to date). Civitas has provided an update to end-June: IFRS NAV (Ordinary) was 105.8p, with a £31.1m rent roll. 2016 IPO proceeds are fully invested. To date, Civitas has invested £550m in specially configured supported social housing for adults. Current equity resources enable at least £1bn investment. Civitas has identified a pipeline (off-market transactions), part of which, £100m, is described as available in the near term.
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