Walls & Futures completes first Supported Housing investment
Walls & Futures REIT plc (“the Company”) is pleased to announce that it has completed on its first residential investment in the Supported Housing sector.
The Company has acquired the freehold of a detached grade two listed building, in the Cotswold market town of Stroud, for £475,000. The Company has also committed to contribute towards the improvement and redevelopment of the property that is due to be carried out over the next 3 to 4 months. Once those works are completed the property will provide a high quality home and specialist support to six adults with physical & learning disabilities and/or mental health needs.
The property is being let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with inflation (CPI), to one of the UK’s leading care providers who has more than 50 years of experience and expertise in the sector and currently supports more than 2,500 adults nationwide.
Joe McTaggart, chief executive of Walls & Futures REIT plc said
“This marks a significant milestone for the company as the first of many investments in the Supported Housing sector.
We believe it demonstrates our commitment to both adding much needed capacity to the sector and to providing quality homes that deliver a range of accommodation solutions to adults with disabilities.
The initial net yield is in line with expectations and will make a significant impact on our target to deliver long term sustainable income for shareholders. We continue to develop our pipeline and expect to make further announcements in the future.”