Civitas Social Hsng. - Update Re: My Space Housing Solutions
19/12/2022 16:51
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RNS Number : 2241K Civitas Social Housing PLC 19 December 2022
19 December 2022
CIVITAS SOCIAL HOUSING PLC
("CSH" or the "Company")
Update Regarding My Space Housing Solutions
The Regulator of Social Housing ("RSH") has today published a notice by way of
update regarding My Space Housing Solutions ("My Space"). This follows the
RSH's initial judgement and the Company's RNS on 17 December 2020.
At 30 September 2022, as one of the 18 Approved Providers working with
Civitas, My Space represented 1.3% of Civitas' rent roll. This relates to
leases on nine properties that were acquired between 2017 and 2018.
The latest judgement from the RSH provides a non-compliant rating of V4/G4 on
My Space updated from the previously reported V3/G3 and sets out a number of
areas for improvement.
Since Civitas has been working with My Space, they have 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 Civitas portfolio but are being actively
followed up with a view to obtaining payment.
Civitas Investment Management Limited (the Company's Investment Adviser) is
closely monitoring the performance of the Company's properties, including
health and safety data, to ensure that they continue to operate in-line with
the Company's expectations and intended use.
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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