Civitas Social Housing PLC Response to Hilldale and Pivotal Judgements (7176S)
18 March 2021 - 9:06PM
UK Regulatory
TIDMCSH
RNS Number : 7176S
Civitas Social Housing PLC
18 March 2021
18 March 2021
CIVITAS SOCIAL HOUSING PLC
Response to Hilldale and Pivotal Judgements
The Board of Civitas Social Housing PLC, the leading care-based
social housing REIT, ("Civitas" or the "Company") notes the recent
regulatory judgments by the Regulator of Social Housing ("RSH") in
respect of Pivotal Housing Association ("Pivotal") and Hilldale
Housing Association ("Hilldale"), two of the 16 Approved Providers
working with Civitas. The judgements do not include any specific
ratings as both Pivotal and Hilldale operate less than 1,000
units.
The new board at Hilldale has indicated that it is working with
the RSH in respect of the observations that have been made to
address issues identified and to return the organisation to a
compliant position. Pivotal has indicated similarly.
In reflection of points raised in the Hilldale judgement and as
part of Civitas' ongoing detailed monitoring programme, Hilldale
has provided confirmation to Civitas that all of the Company's
properties with Hilldale remain up to date in respect of statutory
health and safety checks save that certain routine annual asbestos
reviews have been delayed to reduce the level of access to
properties during the pandemic.
As at 18 March 2021, Pivotal represented 3.96% of Civitas' rent
roll and Hilldale represented 0.97%. Both remain fully up to date
with all lease payments due to the Company, the levels of which
have been tested, and this is expected to continue to be the
case.
The RSH announced in May 2018 a general review of housing
associations engaged in the provision of property services for
vulnerable people.
Pivotal became a registered provider in 2005 and is dedicated to
providing outstanding homes in the community for working age adults
with long-term care needs. Pivotal offers vulnerable people the
opportunity of a better quality and more independent life.
Hilldale was established in 2009 to provide quality housing to
people who need additional support. Most of those people have
learning disabilities or autism but Hilldale also provides homes
for people with physical disabilities, those with mental health
problems and those at risk of homelessness.
Any further updates will be provided as and when
appropriate.
ENDS
For further information, please contact:
Civitas Investment Management Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Gillian Martin / Chris Clarke Tel: +44 (0) 20 3100 2222
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC ("Civitas" or the "Company") was
created in 2016 by Civitas Investment Management Limited as the
first dedicated London listed REIT, to raise long-term,
sustainable, institutional capital to invest in care-based social
homes across the UK. So far, the Company has completed more than
120 individual transactions to build the largest portfolio of its
kind that has been independently valued on an IFRS basis at
GBP901.1million. Civitas provides homes for 4,295 working age
adults with long-term care needs, in 619 bespoke properties that
are supported by 118 specialist care providers, 16 approved
providers over 164 individual local authority areas.
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END
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