REG - Social Housing Reit - MY SPACE HOUSING SOLUTIONS UPDATE

Social Housing REITAnnouncement

03/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250203:nRSC5578Va&default-theme=true

RNS Number : 5578V  Social Housing Reit PLC  03 February 2025

3 February 2025

Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

MY SPACE HOUSING SOLUTIONS UPDATE

 

Further to the Net Asset Value and Dividend Declaration announcement on 21
November 2024, the Company notes that My Space Housing Solutions ("My Space")
has filed proposals for a company voluntary arrangement ("CVA").

 

The Company has 34 properties let to My Space. As cited in the 21 November
2024 announcement, My Space has not paid any rent or other sums due since June
2024 in respect of those properties. My Space's rent arrears have been fully
provisioned for through the Expected Credit Loss.

 

The Company's investment manager Atrato Partners Limited ("Atrato") has been
in active dialogue with My Space and its advisers in respect of its current
financial situation and the proposals tabled to effect a recovery.

 

Atrato and its advisers are reviewing the proposals in order to assess how
best to protect the Group's position in determining whether or not to support
the CVA proposals. It is anticipated that the creditor vote (which will
include representation of the Group) will take place on 28 February 2025.

 

On 22 January 2025, the Company announced a proposal to make certain
amendments to the current Investment Policy, including in respect of a tenant
exposure investment restriction which would allow additional leases to be
agreed with, or transferred to, better performing Approved Providers. Such
additional flexibility would be beneficial as the Company works to deliver a
solution to improve occupancy and restore rent collection across the portfolio
of assets leased to My Space. Subject to shareholder approval at the general
meeting to be held on 10 February 2025, the additional flexibility afforded by
the amendment to the Investment Policy would ensure the broadest range of
solutions are available to the Group, with advanced discussions to replace My
Space with alternative Approved Providers already taking place.

 

The Company is actively working with My Space to ensure there is no disruption
to residents across the Group's portfolio during this period.

 

ENDS

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 Social Housing REIT plc                                Via Brunswick Group
 Chris Phillips

 Atrato Partners Ltd                                    ir@atratopartners.com
 Adrian D'Enrico
 Michael Carey
 Chris McMahon

 Akur Capital (Joint Financial Adviser)                 Tel: 020 7493 3631
 Tom Frost
 Anthony Richardson
 Siobhan Sergeant

 Stifel (Joint Financial Adviser and Corporate Broker)  Tel: 020 7710 7600
 Mark Young
 Rajpal Padam
 Madison Kominski

 Brunswick Group (Financial PR Adviser)                 Tel: 020 7404 5959
 Nina Coad
 Robin Wrench
 Mara James

 

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at
 www.socialhousingreit.com (http://www.socialhousingreit.com/) .

 

NOTES:

The Company primarily invests in newly-developed social housing assets in
the UK, with a particular focus on specialised supported housing. These
operational residential assets deliver long-term sustainable income and are
managed by Approved Providers (being Housing Associations, Local Authorities
or other regulated organisations in receipt of direct payment from local
government). The portfolio comprises investments into properties which are
already subject to a lease with an Approved Provider, as well as forward
funding of pre-let developments, but does not include any direct or
speculative development.

 

The Company was admitted to trading on the Specialist Fund Segment of the Main
Market of the London Stock Exchange on 8 August 2017 and was admitted to the
Official List of the Financial Conduct Authority and migrated to trading on
the Main Market on 27 March 2018. The Company operates as a UK Real Estate
Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FURSSWFLEEISEEE