Civitas Social Housing PLC Update Re: My Space Housing Solutions (2241K)
December 19 2022 - 11:51AM
UK Regulatory
TIDMCSH
RNS Number : 2241K
Civitas Social Housing PLC
19 December 2022
19 December 2022
CIVITAS SOCIAL HOUSING PLC
("CSH" or the "Company")
Update Regarding My Space Housing Solutions
The Regulator of Social Housing ("RSH") has today published a
notice by way of update regarding My Space Housing Solutions ("My
Space"). This follows the RSH's initial judgement and the Company's
RNS on 17 December 2020.
At 30 September 2022, as one of the 18 Approved Providers
working with Civitas, My Space represented 1.3% of Civitas' rent
roll. This relates to leases on nine properties that were acquired
between 2017 and 2018.
The latest judgement from the RSH provides a non-compliant
rating of V4/G4 on My Space updated from the previously reported
V3/G3 and sets out a number of areas for improvement.
Since Civitas has been working with My Space, they have
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 Civitas
portfolio but are being actively followed up with a view to
obtaining payment.
Civitas Investment Management Limited (the Company's Investment
Adviser) is closely monitoring the performance of the Company's
properties, including health and safety data, to ensure that they
continue to operate in-line with the Company's expectations and
intended use.
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
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
GBP999.5million (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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END
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