Update Regarding My Space Housing Solutions

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: [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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