Peel Hunt note sends Civitas shares tumbling

Council housing

Brokers at Peel Hunt have fired a warning over the outlook for supported living REITs after Westmoreland Supported Housing, a tenant of Civitas Social Housing and Triple Point Social Housing, was given a ‘non-compliant’ rating for viability and governance by the regulator.

The judgement from the Regulator of Social Housing listed a range of failings including conflicts of interest at board level, limited evidence of compliance with health & safety legislation and insufficient evidence that it has a deliverable business plan. It added that Westmoreland was reliant on continued financial support from a third party.

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