Civitas Social Hsng. - New Regulatory Clause – Update
13/09/2022 07:00
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RNS Number : 1851Z Civitas Social Housing PLC 13 September 2022
13 September 2022
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
New Regulatory Clause - Update
Civitas Social Housing PLC ("Civitas" or the "Company"), the UK's leading
care-based and healthcare REIT, is pleased to announce further progress in the
implementation of the New Regulatory Clause (the "Clause") that was announced
in the May Portfolio Update. The Clause is intended to assist housing
associations to be better positioned to achieve regulatory compliance under
the RSH's Governance and Financial Viability Standard.
The Clause has now, after detailed negotiation including legal input, received
approval from the Boards of the two initial housing associations with whom it
has been discussed.
Following this approval, the Clause is now being introduced to several
specimen leases (not subject to borrowing) so that its impact can be
incorporated into the long-term modelling that housing associations are
required to prepare as part of their ongoing submissions to the Regulator of
Social Housing ("RSH").
The Company has previously sought and obtained formal written confirmation
from its valuers that the inclusion of a clause of this type within the
Company's new and existing leases will not of itself cause a diminution in the
value of those leases or in the underlying assets.
The Clause remains subject to approval by the Company's lenders and now that a
settled form of the Clause has been agreed, this process will be commenced.
The scale and timing of any further roll out beyond the initial specimen
leases will be determined by the way the sector responds to the introduction
of the Clause that is now taking place and will be at the discretion of the
Company.
Commenting on the progress achieved, Michael Wrobel, Chairman, Civitas Social
Housing PLC, said:
"We are pleased to have reached agreement with the Boards of several of our
housing association partners for the terms of the new clause. We share the
same objective of regulatory compliance and continue to make an active
contribution in this regard. We consider the Clause will be of benefit to the
Company's stakeholders and to the sector overall."
Commenting on the Clause, Steve Fensom, CEO, Westmoreland Supported Housing,
said:
"The Board of Westmoreland is actively engaged in driving forward both the
quality and overall compliance of the services that we deliver. Considerable
progress has been made in this regard particularly in addressing the past
issues raised by the RSH. We consider that the implementation of the new
Clause will assist further in our mission to achieve full regulatory
compliance."
ENDS
For further information, please contact:
Civitas Investment Management Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers / Owen Matthews Tel: +44 (0) 20 3100 2000
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 £968.8million (31 March 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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