Civitas Social Hsng. - Update Regarding My Space Housing Solutions
17/01/2023 07:00
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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: +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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