Response to Hilldale and Pivotal Judgements

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: [phone]

Andrew Dawber                                   Tel: [phone]

Panmure Gordon

Sapna Shah                                           Tel: [phone]

Tom Scrivens Tel: [phone]

Liberum Capital Limited

Gillian Martin / Chris Clarke Tel: [phone]

Buchanan

Helen Tarbet / Henry Wilson   Tel: [phone]

Hannah Ratcliff / George Beale    [e-mail]

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 £901.1million. 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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