16 November 2016 11:55 am | By Nick Johnstone Civitas Social Housing Real Estate Investment Trust (REIT) has announced that it has raised £100m more than its planned fundraising of £250m, as it prepares to float on the London Stock Exchange on Friday. To continue reading this please register or sign in to your account below. Each month registered users receive free limited access to a number of stories. To receive unlimited access, please subscribe to one of our packages. If you are already registered sign in for unrestricted access to all the content on the site. -
The UK 's first social-housing orientated Real Estate Investment Trust ( REIT ), Civitas Social Housing , has been oversubscribed by £ 100 m, raising £350m ahead of its planned floatation on the London Stock Exchange . Civitas Social Housing aims to offer dividends of 5% , while the proceeds will be ploughed back into housing stock in Wales and Wales . The Civitas has not been greeted warmly by the industry, which fears tough economic conditions could tie housing providers into 10 to 40-year agreements. Civitas says its plan will offer a "new source of funding".