MY SPACE HOUSING SOLUTIONS UPDATE
3 February 2025
Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
MY SPACE HOUSING SOLUTIONS UPDATE
Further to the Net Asset Value and Dividend Declaration announcement on 21 November 2024, the Company notes that My Space Housing Solutions ("My Space") has filed proposals for a company voluntary arrangement ("CVA").
The Company has 34 properties let to My Space. As cited in the 21 November 2024 announcement, My Space has not paid any rent or other sums due since June 2024 in respect of those properties. My Space's rent arrears have been fully provisioned for through the Expected Credit Loss.
The Company's investment manager Atrato Partners Limited ("Atrato") has been in active dialogue with My Space and its advisers in respect of its current financial situation and the proposals tabled to effect a recovery.
Atrato and its advisers are reviewing the proposals in order to assess how best to protect the Group's position in determining whether or not to support the CVA proposals. It is anticipated that the creditor vote (which will include representation of the Group) will take place on 28 February 2025.
On 22 January 2025, the Company announced a proposal to make certain amendments to the current Investment Policy, including in respect of a tenant exposure investment restriction which would allow additional leases to be agreed with, or transferred to, better performing Approved Providers. Such additional flexibility would be beneficial as the Company works to deliver a solution to improve occupancy and restore rent collection across the portfolio of assets leased to My Space. Subject to shareholder approval at the general meeting to be held on 10 February 2025, the additional flexibility afforded by the amendment to the Investment Policy would ensure the broadest range of solutions are available to the Group, with advanced discussions to replace My Space with alternative Approved Providers already taking place.
The Company is actively working with My Space to ensure there is no disruption to residents across the Group's portfolio during this period.
ENDS
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
|
Social Housing REIT plc |
Via Brunswick Group |
|
Chris Phillips |
|
|
|
|
|
Atrato Partners Ltd |
ir@atratopartners.com |
|
Adrian D'Enrico |
|
|
Michael Carey |
|
|
Chris McMahon |
|
|
|
|
|
Akur Capital (Joint Financial Adviser) |
Tel: 020 7493 3631 |
|
Tom Frost |
|
|
Anthony Richardson |
|
|
Siobhan Sergeant |
|
|
|
|
|
Stifel (Joint Financial Adviser and Corporate Broker) |
Tel: 020 7710 7600 |
|
Mark Young |
|
|
Rajpal Padam |
|
|
Madison Kominski |
|
|
|
|
|
Brunswick Group (Financial PR Adviser) |
Tel: 020 7404 5959 |
|
Nina Coad |
|
|
Robin Wrench |
|
|
Mara James |
|
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website at www.socialhousingreit.com.
NOTES:
The Company primarily invests in newly-developed social housing assets in the UK, with a particular focus on specialised supported housing. These operational residential assets deliver long-term sustainable income and are managed by Approved Providers (being Housing Associations, Local Authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to a lease with an Approved Provider, as well as forward funding of pre-let developments, but does not include any direct or speculative development.
The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the Official List of the Financial Conduct Authority and migrated to trading on the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 2 days ago Close Brothers Group
- 2 days ago Savannah Energy
- 2 days ago Mid Wynd International Inv Trust
- 2 days ago Dillistone Group
- 2 days ago SSP Group