Civitas Social Housing PLC Response to "BeST" Regulatory Announcement (4406Y)
09 May 2019 - 4:00PM
UK Regulatory
TIDMCSH
RNS Number : 4406Y
Civitas Social Housing PLC
09 May 2019
9 May 2019
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Response to Bespoke Supportive Tenancies Limited ("BeST")
Regulatory Announcement
Civitas, a leading social housing REIT, notes that the Regulator
of Social Housing ("RSH") has issued its regulatory announcement in
respect of Bespoke Supportive Tenancies Limited ("BeST"), one of
the 15 housing associations working with Civitas and other
landlords in the sector. In line with RSH policy, BeST has not
received a grading as it leases/owns less than 1,000 homes .
As at 31 March 2019, BeST represented 11.5% of the Civitas NAV
and 9.5% of the Civitas GAV (based upon target leverage of 35%). As
at 9 May 2019, BeST remains fully up to date with all lease
payments due to Civitas and this is expected to continue to be the
case. As noted previously, Civitas is playing a leading role in
evolving leases to take into account concerns raised by the
RSH.
Having consulted with BeST, the regulatory announcement is
expected to have no impact on Civitas' portfolio or financial
position.
The RSH announced in May 2018 a general review of housing
associations engaged in the provision of property services for
vulnerable people. The announcement issued to BeST reflects similar
judgements that have been issued in respect of other recent
regulatory reviews for comparable housing associations. BeST has
indicated that it is in dialogue with the Regulator and is working
to improve its position whilst continuing to deliver high quality
services to its residents.
BeST provides accommodation for vulnerable adults with complex
learning and physical disabilities and mental health needs. It also
provides accommodation for women's refuge and homeless adults. It
was established in 2010 as a Housing Association "Not for Profit
Organisation" and obtained charitable status in 2011, later
attaining registered provider status in 2012.
Paul Bridge, Chief Executive Officer of Civitas Housing
Advisors, said:
"The announcement was as anticipated, after the initial grading
notice and does not affect our ongoing, successful relationship
with BeST, nor the vital services which BeST provides.
"Civitas is in regular and productive dialogue with BeST and the
RSH and firmly supports the general review. We operate in a sector
which is evolving and maturing, and we work with our Housing
Association partners and care providers to continue to enhance the
sustainability of our sector."
Civitas will issue a further announcement at the time that the
RSH itself makes any further comment.
For further information, please contact:
Civitas Housing Advisors Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Cenkos Securities PLC
Sapna Shah Tel: +44 (0)20 7397 1922
Tom Scrivens Tel: +44 (0)20 7397 1915
Buchanan
Helen Tarbet / Henry Harrison-Topham Tel: +44 (0) 20 7466 5000
Henry Wilson / Hannah Ratcliff civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC is the first Real Estate Investment
Trust offering pure play exposure to social housing in England and
Wales. The Company is advised by Civitas Housing Advisors Limited,
who are authorised and regulated by the Financial Conduct Authority
under Firms Reference Number 815699. The Company is listed on the
premium listing segment of the Official List of the Financial
Conduct Authority and was admitted to trading on the main market
for listed securities of the London Stock Exchange in November
2016. The company is a Constituent of the FTSE 250 index.
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END
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