Update Re: Auckland Home Solutions

Civitas Social Housing PLC

21 April 2023

 

21 April 2023

CIVITAS SOCIAL HOUSING PLC

("Civitas" or the "Company")

Update Regarding Auckland Home Solutions ("Auckland")

The Board of Civitas Social Housing PLC ("Civitas" or the "Company"), the UK's leading care-based and healthcare REIT, notes the enforcement notice published on 20 April 2023 ("Notice") in respect of Auckland, one of the 18 Approved Providers working with Civitas.

This follows an earlier notice published on 13 August 2021 and reflects the continued active engagement of Auckland with the Regulator of Social Housing.

The Notice confirms the enlargement of the Auckland Board with the appointment of three additional experienced Non-Executive Directors. It also specifies that Auckland will commission a review as part of developing an action plan and timetable to return to compliance with regulatory standards.

The Company's investment adviser, Civitas Investment Management Limited, has a leading team of sector and asset management specialists who have worked in a supportive capacity with Auckland to assist in driving the operational and governance improvements that have been achieved to date and this work will continue.

The Company published a detailed Trading Update on 30 January 2023 which noted the expectation that the growth in rental income and collections that had been achieved to 31 December 2022 would continue into 2023. The Company is pleased to note that this has remained the case for the balance of the financial year to 31 March 2023.

Auckland represents 15.9% of Civitas' annual contracted rent roll as at 30 September 2022.

 Further updates will be provided as and when appropriate.

ENDS

For further information, please contact:

Civitas Investment Management Limited

Paul Bridge                                                         Tel: [phone]

Andrew Dawber                                                Tel: [phone]

Panmure Gordon

Sapna Shah                                                         Tel: [phone]

Tom Scrivens                                                      Tel: [phone]

Liberum Capital Limited                              

Chris Clarke                                                        Tel: [phone]

Darren Vickers

Owen Matthews                                             

Buchanan

Helen Tarbet / Henry Wilson                         Tel: [phone]

Hannah Ratcliff / Verity Parker                    [e-mail]

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 £999.5million (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.

 

END