Civitas Social Housing PLC Response to Regulatory Judgement (6072I)
August 13 2021 - 5:27AM
UK Regulatory
TIDMCSH
RNS Number : 6072I
Civitas Social Housing PLC
13 August 2021
13 August 2021
CIVITAS SOCIAL HOUSING PLC
Response to Regulatory Judgement
The Board of Civitas Social Housing PLC ("Civitas" or the
"Company") , the UK's leading care-based and healthcare REIT, notes
the recent regulatory judgement by the Regulator of Social Housing
("RSH") in respect of Auckland Home Solutions CIC ("Auckland"), one
of the 16 Approved Providers working with Civitas. Today's
judgement by the RSH follows the notice that was issued previously
in respect of Auckland on 12 March 2021 and as commented on in the
Company's previous announcement of the same date. In line with RSH
policy, Auckland has not received a grading as it leases/owns fewer
than 1,000 homes.
Auckland now represents 16.9% of Civitas' annualised rent roll,
down from 23.7% as announced in the Company's recent annual results
to 31 March 2021. The reduction reflects the Company's continuing
policy of driving efficiencies within the portfolio and where
appropriate, seeking diversification. In so doing it enables
Civitas to extend further its stated aim to work with a wider range
of counterparties including established charities and community
benefit societies.
Auckland remains fully up to date with all lease payments due to
Civitas and this is expected to continue to be the case. Auckland
has committed to continue to engage with the RSH and in turn
Civitas will continue its supportive relationship with Auckland and
all other counterparties with the shared objective of further
enhancing standards across the sector.
By way of background, the RSH announced in May 2018 a general
review of housing associations engaged in the provision of property
services for vulnerable people. Auckland's review is part of this
regulatory process.
Auckland provides housing for vulnerable adults in England and
Wales, enabling individuals with complex physical and mental
challenges to retain their independence within a supported living
setting. Auckland is a member of the Social Housing Family CIC, a
not--for--profit community interest company established to assist
member firms to enhance corporate governance standards and to
benefit from sharing of best practice expertise.
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
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Tel: +44 (0) 20 3100 2000
Chris Clarke
Darren Vickers
Owen Matthews
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 across the UK. So far, Civitas
has completed more than 120 individual transactions to build the
largest portfolio of its kind that has been independently valued at
GBP915.6million (31 March 2021). CSH now provides homes for 4,391
working age adults with long-term care needs, in 648 bespoke
properties that are supported by 119 specialist care providers, 16
approved providers and working with over 178 individual local
authorities.
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END
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