Civitas Social Hsng. - Update Re: Auckland Home Solutions
21/04/2023 14:02
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RNS Number : 1029X Civitas Social Housing PLC 21 April 2023
21 April 2023
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Update Regarding Auckland Home Solutions ("Auckland")
The Board of Civitas Social Housing PLC ("Civitas" or the "Company"), the UK's
leading care-based and healthcare REIT, notes the enforcement notice published
on 20 April 2023 ("Notice") in respect of Auckland, one of the 18 Approved
Providers working with Civitas.
This follows an earlier notice published on 13 August 2021 and reflects the
continued active engagement of Auckland with the Regulator of Social Housing.
The Notice confirms the enlargement of the Auckland Board with the appointment
of three additional experienced Non-Executive Directors. It also specifies
that Auckland will commission a review as part of developing an action plan
and timetable to return to compliance with regulatory standards.
The Company's investment adviser, Civitas Investment Management Limited, has a
leading team of sector and asset management specialists who have worked in a
supportive capacity with Auckland to assist in driving the operational and
governance improvements that have been achieved to date and this work will
continue.
The Company published a detailed Trading Update on 30 January 2023 which noted
the expectation that the growth in rental income and collections that had been
achieved to 31 December 2022 would continue into 2023. The Company is pleased
to note that this has remained the case for the balance of the financial year
to 31 March 2023.
Auckland represents 15.9% of Civitas' annual contracted rent roll as at 30
September 2022.
Further updates will be provided as and when appropriate.
ENDS
For further information, please contact:
Civitas Investment Management Limited
Paul
Bridge
Tel: +44 (0)20 3058 4844
Andrew
Dawber
Tel: +44 (0)20 3058 4846
Panmure Gordon
Sapna
Shah
Tel: +44 (0)20 7886 2783
Tom Scrivens
Tel: +44 (0)20
7886 2648
Liberum Capital
Limited
Chris Clarke
Tel: +44 (0)20 3100 2000
Darren Vickers
Owen
Matthews
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 £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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