Civitas Social Housing PLC New Regulatory Clause -- Update (1851Z)
September 13 2022 - 2:01AM
UK Regulatory
TIDMCSH
RNS Number : 1851Z
Civitas Social Housing PLC
13 September 2022
13 September 2022
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
New Regulatory Clause - Update
Civitas Social Housing PLC ("Civitas" or the "Company"), the
UK's leading care-based and healthcare REIT, is pleased to announce
further progress in the implementation of the New Regulatory Clause
(the "Clause") that was announced in the May Portfolio Update. The
Clause is intended to assist housing associations to be better
positioned to achieve regulatory compliance under the RSH's
Governance and Financial Viability Standard.
The Clause has now, after detailed negotiation including legal
input, received approval from the Boards of the two initial housing
associations with whom it has been discussed.
Following this approval, the Clause is now being introduced to
several specimen leases (not subject to borrowing) so that its
impact can be incorporated into the long-term modelling that
housing associations are required to prepare as part of their
ongoing submissions to the Regulator of Social Housing ("RSH").
The Company has previously sought and obtained formal written
confirmation from its valuers that the inclusion of a clause of
this type within the Company's new and existing leases will not of
itself cause a diminution in the value of those leases or in the
underlying assets.
The Clause remains subject to approval by the Company's lenders
and now that a settled form of the Clause has been agreed, this
process will be commenced.
The scale and timing of any further roll out beyond the initial
specimen leases will be determined by the way the sector responds
to the introduction of the Clause that is now taking place and will
be at the discretion of the Company.
Commenting on the progress achieved, Michael Wrobel, Chairman,
Civitas Social Housing PLC, said:
"We are pleased to have reached agreement with the Boards of
several of our housing association partners for the terms of the
new clause. We share the same objective of regulatory compliance
and continue to make an active contribution in this regard. We
consider the Clause will be of benefit to the Company's
stakeholders and to the sector overall."
Commenting on the Clause, Steve Fensom, CEO, Westmoreland
Supported Housing, said:
"The Board of Westmoreland is actively engaged in driving
forward both the quality and overall compliance of the services
that we deliver. Considerable progress has been made in this regard
particularly in addressing the past issues raised by the RSH. We
consider that the implementation of the new Clause will assist
further in our mission to achieve full regulatory compliance."
ENDS
For further information, please contact:
Civitas Investment Management
Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
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 Limited
Chris Clarke / Darren Vickers Tel: +44 (0) 20 3100 2000
/ 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
GBP968.8million (31 March 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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