Walls & Futures REIT Plc (LON:WAFR), the ethical housing REIT, announced that it has completed the acquisition of its latest Supported Housing investment as it works to deliver a pipeline of projects in the South and South West of England.
The NEX Exchange Growth Market-listed company has acquired a freehold semi-detached bungalow in Didcot, Oxfordshire for £465,000, which will be redeveloped and adapted to provide a high-quality home with specialist support, for four adults with physical & learning disabilities and/or mental health needs.
The company said the work is expected to be completed by the end of October 2019, adding that it expects the conversion costs and eventual rental yield on the new property to be materially in-line with that of its existing property in Stroud, Gloucestershire.
The firm pointed out that the property is being let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with CPI inflation, to one of the UK's largest and longest-established providers currently supporting more than 2,500 adults nationwide.
Joe McTaggart, Walls & Futures’ CEO commented: "We believe our development led strategy allows us to offer more competitive and sustainable terms for our customers, while driving growth of our Net Asset Value and delivering higher Initial Net Yields.”
He added: “We have a pipeline of projects in the South and South West of England where we have agreed terms and are working to deliver them over the coming months."
In afternoon trading on NEX, Walls & Futures shares held steady at 47.5p.