Civitas Social Housing Properties Unaffected By Westmoreland Judgement

LONDON (Alliance News) - Civitas Social Housing PLC on Monday noted the judgement made by the UK ...

Alliance News 20 May, 2019 | 3:06PM
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LONDON (Alliance News) - Civitas Social Housing PLC on Monday noted the judgement made by the UK Regulator of Social Housing concerning a small property portfolio managed by Westmoreland Supported Housing Ltd.

The notice from the regulator said that Westmoreland had "breached the regulator's consumer standards", and that there was "the potential for serious detriment to Westmoreland's tenants".

Civitas, a social housing-focused real estate investment trust, said that the judgement was not related to any financial matters or properties owned by Civitas. In addition, the trust said the judgement has no effect on any properties owned by Civitas and leased to Westmoreland.

In February, Civitas acquired a portfolio of supported living properties, some of them subject to 25-year leases with Westmoreland

"We have already implemented a plan of action which we are confident addresses and remedies the points raised in the judgement. We are also confident that the issues are specific to one small portfolio," Westmoreland said in a statement.

"Having newly appointed an experienced chair, board members and chief executive for Westmoreland the issues raised in both this and the previous judgement are being addressed so that Westmoreland will be able to demonstrate that it is a strong, well governed and successful organisation," the association added.

Shares in Civitas Social Housing were down 1.1% at 84.74 pence on Monday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Civitas Social Housing Ord 79.50 GBX 0.88 -
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