Response to RSH

RNS Number : 0037J

Civitas Social Housing PLC

17 December 2020

 

17 December 2020

CIVITAS SOCIAL HOUSING PLC

("CSH" or the "Company")

My Space Housing Solutions ("My Space") - Regulatory Judgement

The Board of Civitas Social Housing PLC, the   leading care-based social housing REIT,   ("CSH", "Civitas" or the "Company") notes the recent regulatory judgment by the Regulator of Social Housing ("RSH" or the "Regulator") in respect of My Space, one of the 15 housing associations working with Civitas, with a G3 grading in terms of Governance and a V3 grading in terms of Financial Viability. These are the same gradings that have been issued in respect of all other recent regulatory judgments for similar housing associations. My Space has indicated that it is working to improve the position.

As at 30 September 2020, My Space represented 1.1% of Civitas' rent roll.  

As at 17 December 2020, My Space remains fully up to date with all lease payments due to Civitas 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.

My Space provides accommodation for working age adults with long-term care needs that include learning disabilities, mental health, autism and physical disability as well as for individuals who have suffered from domestic abuse and addiction. It was established in 2012 as a registered charity, and became a Registered Provider regulated by the Regulator of Social Housing in October 2013.

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 (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 across the UK. So far, CSH 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   £898.5 million. CSH provides homes for 4,292 working age adults with long-term care needs, in 618 bespoke properties that are supported by 118 specialist care providers, 15 housing associations over 164 individual local authority areas.

 

END

 

 

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