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Civitas Social Housing notes Bespoke Supportive Tenancies grading under review

Civitas targeted by short-seller

Civitas Social Housing (CSH) has promptly announced that the Regulator of Social Housing (RSH) has issued a grading under review notice in respect of Bespoke Supportive Tenancies (BeST), one of the 15 housing associations that it is working with. CSH says that, as at 31 December 2018, BeST represents 4.3% of its net asset value and 3.1% of its gross asset value (based upon 35% leverage target).

Bespoke Supportive Tenancies is fully up to date with lease payments

CSH says that, as at 25 January 2019 (the date of the regulator’s and CSH’s announcements), BeST was fully up to date with all lease payments due to CSH and it says that it expect to continue to be in the future. The RSH announced in May 2018 a general review of housing associations engaged in the provision of property services for vulnerable people. Civitas says that it will issue a further announcement at the time that the RSH itself makes any further comment.

About Bespoke Supportive Tenancies

Bespoke Supportive Tenancies provides accommodation for adults with learning disabilities, physical disabilities, sensory impairment, mental health and homelessness and was originally registered as a not-for-profit housing association in 2010.

About Civitas Social Housing

Civitas Social Housing PLC describes itself as 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 and is listed on the premium listing segment of the London Stock Exchange. The social homes owned by Civitas are provided on a long-term basis to Housing Associations with a wide range of tenants who vary in age profile and in the level of support that each receives. By acquiring these social homes, and working with Housing Associations, Civitas says that it seeks for tenants to experience a stable, high-quality living environment that offers good visibility of tenure.

 

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