Civitas Social Housing PLC Update Regarding My Space Housing Solutions (8986M)
17 January 2023 - 6:00PM
UK Regulatory
TIDMCSH
RNS Number : 8986M
Civitas Social Housing PLC
17 January 2023
17 January 2023
CIVITAS SOCIAL HOUSING PLC
("CSH" or the "Company")
Update Regarding My Space Housing Solutions ("My Space")
Civitas Social Housing PLC ("CSH" or the "Company"), the UK's
leading care-based and healthcare REIT, notes that the Regulator of
Social Housing ("RSH") has issued the enforcement notice in respect
of My Space that was anticipated following publication of the
regulatory judgment on 19 December 2022.
At 30 September 2022, My Space represented 1.3% of the Company's
rent roll as one of 18 Approved Providers working with CSH. This
relates to leases on nine properties that were acquired between
2017 and 2018.
The RSH requires My Space to undertake a number of actions
including the strengthening of its board, reporting on solvency and
developing action plans with regard to compliance with the rent
standard.
Civitas Investment Management Limited, the Company's investment
adviser, has continued to engage actively with My Space, including
following publication of the enforcement notice and is supportive
of the actions that are required to be undertaken.
As stated in CSH's announcement of 19 December 2022, My Space
has always demonstrated a track-record of timely rental payments
each month in respect of the nine properties. However, more
recently rent arrears have occurred which are not material in the
context of the CSH portfolio but which are being actively followed
up.
CSH will continue to monitor the position closely and will
determine whether it is appropriate to make different arrangements
in respect of some or all of the leases held with My Space.
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
Chris Clarke Tel: +44 (0)20 3100 2000
Darren Vickers
Owen Matthews
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0)20 7466 5000
Hannah Ratcliff / Verity Parker civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC (CSH) 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 and healthcare facilities across
the UK. CSH's portfolio has been independently valued at
GBP999.5million (30 September 2022). CSH now provides homes for
4,594 working age adults with long-term care needs, in 697 bespoke
properties that are supported by 130 specialist care providers, 18
approved providers and working with over 178 individual local
authority partners.
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END
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