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:
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Social Housing REIT plc
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Via Brunswick Group
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Chris Phillips
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Atrato Partners Ltd
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ir@atratopartners.com
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Adrian D'Enrico
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Michael Carey
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Chris McMahon
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Akur Capital (Joint Financial Adviser)
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Tel: 020 7493 3631
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Tom Frost
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Anthony Richardson
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Siobhan Sergeant
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Stifel (Joint Financial Adviser and Corporate
Broker)
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Tel: 020 7710 7600
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Mark Young
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Rajpal Padam
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Madison Kominski
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Brunswick Group (Financial PR Adviser)
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Tel: 020 7404 5959
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Nina Coad
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Robin Wrench
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Mara James
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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.
