First Priority Housing Association Update

RNS Number : 5802F

Civitas Social Housing PLC

21 February 2018

 

21 February 2018

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

First Priority Housing Association Update

Further to recent press speculation and the regulatory notice from the Regulator of Social Housing (RSH) (formerly the Homes and Communities Agency) in relation to First Priority Housing Association ("First Priority"), the Company would like to confirm it is in active dialogue with the management team at First Priority, to assist them with their current situation.

The Company leases 45 properties to First Priority, under the current lease arrangements.‎ As at 31 January 2018, all rents were received in full from First Priority by the Company.  Any inability of First Priority to meet the lease obligations, is currently not expected to impact the Company's dividend targets. Civitas is actively working with First Priority to ensure there is no disruption to the underlying tenants. Until the current situation is resolved, the Company will not be entering into any new leases with First Priority.

Civitas has a highly diversified portfolio of 403 properties and works in a collaborative manner with all its partners and today operates in more than 100 local authority areas, with more than 60 care providers and more than 10 housing associations. It owns properties that provide specialist accommodation for around 2,500 tenants across England and Wales.

For further information, please contact:

Civitas Housing Advisors Limited

Paul Bridge       Tel: [phone]

Andrew Dawber Tel: [phone]

Cenkos Securities PLC

Sapna Shah      Tel: [phone]

Tom Scrivens    Tel: [phone]

Pagefield

Philip Dennis     Tel: [phone]

Paul Codd         Tel: [phone]

Notes:

Civitas Social Housing PLC is the first Real Estate Investment Trust offering pure play exposure to social housing in England and Wales. The Company is managed by Civitas Housing Advisors Limited. The Company's ordinary shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and were admitted to trading on the main market for listed securities of the London Stock Exchange in November 2016.

 

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