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Boss of supported housing REIT departs to chair mental health foundation
The chief executive of one of the sector’s biggest supported housing real estate investment trusts (REITs) has left the business to chair a mental health foundation.
Paul Bridge was social housing chief executive of Civitas Investment Management for nearly seven years. He joined the business in 2016 from Catalyst Housing, where he was interim executive director of customer services.
While at Civitas, Mr Bridge was also a non-executive director of Metropolitan Thames Valley from 2018 to 2021 and chaired the housing thinktank The Bermondsey Group from 2008 to 2018.
Mr Bridge has now started as chair and founder of The Clive Smith Foundation, which aims to offer understanding and support to people experiencing mental health problems, particularly in the housing sector.
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The foundation is named after architect Clive Smith, who unexpectedly ended his own life on 5 April 2021.
Writing on LinkedIn, Mr Bridge said: “After six positive years working with Civitas Investment Management and following the successful recommended offer for our listed fund Civitas Social Housing plc, it’s time for me to move on to the next challenge.
“I have thoroughly enjoyed my time at Civitas and feel we have made a real difference to many people’s lives across the UK.”
On his new role, he said: “We will end suicide in the housing industry, and we have 1,200 members. Join us to end this silent pandemic.”
Civitas Investment Management told Inside Housing: “After six years with Civitas Investment Management Limited, and following the successful recommended offer for Civitas Social Housing plc, Paul has decided it’s time to seek out new challenges.
“We wish Paul the very best for the future and thank him for his contribution to the growth of the company.”
Civitas, launched in 2016, is one of several funds set up in recent years that acquires properties and then leases them to small housing associations for use as specialist supported housing or exempt accommodation. These leases are often index-linked and can last for periods of up to 20 years.
The REIT has a current portfolio of 697 properties, supported by 130 specialist care providers and 18 approved providers across 178 local authority areas.
In May, Civitas agreed a £485m takeover deal with Hong Kong-based property giant Wellness Unity.
In a stock market update, the board of Civitas said it has accepted the offer from Wellness Unity despite believing it “undervalues the long-term prospects of Civitas”.
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