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Civitas Social Housing PLC on Tuesday received a takeover offer by long-term real asset investor CK Asset Holdings Ltd, as Civitas reported a slight drop in net asset value in the quarter to March 31. CK Asset offered 80 pence per share, a 44% premium to Civitas’s closing price of 55.4p per share last week Friday, valuing the the healthcare real estate investment trust at around £485 million. Civitas Social Housing shares jumped 43% to 79.17p each on Tuesday morning in London. Explaining its proposal, CK Asset said: ‘CKA believes that Civitas’ position as one of the leading social housing providers in the UK, and its social impact and earnings profile, are complementary to its investment criteria, and make for a suitable strategic fit,’ adding that it anticipates Civitas ‘to maintain its position as one of the leading social housing providers benefitting vulnerable tenants in the UK.’ Meanwhile, Civitas reported that net asset value as at March 31 fell 1.6% to 109.16 pence per share from 110.93p at December 31, citing ‘the broader macro-economic environment’. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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