Civitas Social Housing PLC Response to RSH (9541B)
October 13 2020 - 8:32AM
UK Regulatory
TIDMCSH
RNS Number : 9541B
Civitas Social Housing PLC
13 October 2020
13 October 2020
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
Re: RSH - Reactive Engagement Notifications
The Board of Civitas Social Housing PLC, the leading care-based
social housing REIT, ("CSH" or the "Company") notes the recent
comments by the Regulator of Social Housing ("RSH" or the
"Regulator") in respect of Westmoreland Supported Housing Limited
("Westmoreland") and Trinity Housing Association Limited
("Trinity") regarding the Rent Standard and the requirement to
achieve full compliance with that standard.
The RSH has noted that they consider that at the present time
Westmoreland and Trinity are not in conformity with the Rent
Standard and that further information is required with the aim to
achieve this.
The statement from the RSH is part of an ongoing programme of
engagement with specialist housing associations to improve their
standards of reporting and disclosure. CSH strongly supports the
work the RSH is doing and is encouraged particularly by the
significant progress which both Westmoreland and Trinity have made
so far.
The rent levels of all properties in the portfolios of CSH's
housing association counterparties are subject to regular scrutiny
and analysis to determine that they are appropriate and set at a
level that is reflective of the specialist accommodation being
provided, and therefore are exempt from the Rent Standard as being
Specialist Supported Housing.
CSH anticipates no change to the rental payments from these
housing associations, and all rents remain fully up to date in
accordance with their terms. On that basis it would not be expected
to have any effect on the carrying value of those properties in
terms of EPRA NAV. Westmoreland comprises 6.3% of CSH's portfolio
and Trinity 5.5%.
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
Gillian Martin / Chris Clarke Tel: +44 (0) 20 3100 2222
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale 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. So far, CSH has completed more than 120 individual
transactions to build the largest portfolio of its kind that has
been independently valued at GBP885 million. CSH provides homes for
4,241 working age adults with long-term care needs, in 616 bespoke
properties that are supported by 118 specialist care providers, 15
housing associations over 164 individual local authority areas.
Most recently, CSH has extended its mandate to be able to work
directly with the NHS and other leading care-based
organisations.
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END
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