DJ Walls & Futures REIT PLC Purchase of property
RNS Number : 1047B
Walls & Futures REIT PLC
04 June 2019
4 June 2019
WALLS & FUTURES REIT PLC
Walls & Futures REIT completes acquisition of Supported Housing investment
Walls & Futures REIT plc ("WAFR") the Ethical Housing REIT, announces that it has completed the acquisition of its latest Supported Housing investment.
The company has acquired a freehold semi-detached bungalow in Didcot, Oxfordshire for GBP465,000. The property 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 work is expected to be completed by the end of October 2019. The Company expects the conversion costs and eventual rental yield on this new property to be materially inline with that of the Company's existing property in Stroud, Gloucestershire.
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 largest and longest-established providers currently supporting more than 2,500 adults nationwide.
Joe McTaggart, CEO of Walls & Futures REIT plc commented:
"We're delighted to be delivering another high-quality, specially adapted home and to add greatly needed supported housing places.
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.
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."
For further information, contact:
Walls & Futures REIT PLC 0333 700 7171
Joe McTaggart, Chief Executive
Allenby Capital Limited (Corporate Adviser)
Nick Harriss/James Reeve 020 3328 5656
About Walls & Futures REIT plc
Walls & Futures is an Ethical Housing REIT generating long-term secure income by addressing the UK's social housing needs. We originate secure, index-linked, long-term, government funded revenues from specialist social housing & packages them into an investment REIT. Our target is a total return of 7% - 9% per annum.
Walls & Futures REIT plc was named "Impact Company of the Year" at the 2018 NEX Exchange Small Cap Awards.
Walls & Futures is quoted on the NEX Exchange Growth Market (Ticker: WAFR) and is a member of the Social Stock Exchange and Impact Investment Network.
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(END) Dow Jones Newswires
June 04, 2019 07:30 ET (11:30 GMT)