Update Re: My Space Housing Solutions

RNS Number : 2241K

Civitas Social Housing PLC

19 December 2022

 

19 December 2022

CIVITAS SOCIAL HOUSING PLC

("CSH" or the "Company")

Update Regarding My Space Housing Solutions

The Regulator of Social Housing ("RSH") has today published a notice by way of update regarding My Space Housing Solutions ("My Space"). This follows the RSH's initial judgement and the Company's RNS on 17 December 2020.

At 30 September 2022, as one of the 18 Approved Providers working with Civitas, My Space represented 1.3% of Civitas' rent roll. This relates to leases on nine properties that were acquired between 2017 and 2018.

The latest judgement from the RSH provides a non-compliant rating of V4/G4 on My Space updated from the previously reported V3/G3 and sets out a number of areas for improvement.

Since Civitas has been working with My Space, they have 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 Civitas portfolio but are being actively followed up with a view to obtaining payment.

Civitas Investment Management Limited (the Company's Investment Adviser) is closely monitoring the performance of the Company's properties, including health and safety data, to ensure that they continue to operate in-line with the Company's expectations and intended use.

ENDS

For further information, please contact:

Civitas Investment Management Limited

Paul Bridge  Tel: [phone]

Andrew Dawber  Tel: [phone]

Panmure Gordon

Sapna Shah  Tel: [phone]

Tom Scrivens    Tel: [phone]

Liberum Capital Limited 

Chris Clarke   Tel: [phone]

Darren Vickers

Owen Matthews    

Buchanan

Helen Tarbet / Henry Wilson  Tel: [phone]

Hannah Ratcliff / Verity Parker    [e-mail]

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 £999.5million (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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