Triple Point Social Housing REIT Acquisition (5690Z)
December 18 2017 - 1:00AM
UK Regulatory
TIDMSOHO
RNS Number : 5690Z
Triple Point Social Housing REIT
18 December 2017
18 December 2017
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
ACQUISITIONS UPDATE
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that the Group has completed the acquisition
of six supported housing properties, comprising 88 units in total,
for an aggregate purchase price of approximately GBP10.7 million
(excluding costs). The properties are located in Lancashire (80
units) and Sussex (8 units).
The Group has entered into new FRI leases in respect of each of
the properties for a period of of 20 years with the ability to
extend to 25 years. These leases are with specialist Housing
Associations, My Space Housing Solutions, Falcon Housing
Association and Auckland Home Solutions which are Registered
Providers (regulated by the Homes and Communities Agency).
The rents received under the leases are subject to annual,
upward only rent reviews, increasing in line with Consumer Prices
Index ("CPI"). The properties comprise specialist, high quality
homes refurbished for individuals with mental health and other
support and care care needs.
The properties are immediately income generating with a net
intial yield in line with the Company's investment criteria and
returns profile.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment (via Newgate below)
Management LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited Tel: 020 7523 8000
(Joint Financial Adviser
and Corporate Broker)
David Yovichic
Lucy Lewis
Denis Flanagan
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
Lydia Thompson
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com.
NOTES:
The Company invests in social housing assets in the UK, with a
particular focus on supported housing. The assets within the
portfolio will typically be subject to inflation-adjusted,
long-term (from 20 years to 25 years), Fully Repairing and Insuring
("FRI") leases with Registered Providers. The portfolio will
comprise investments into properties which are already subject to
an FRI lease with a Housing Association, Local Authority or other
regulated organisation, as well as forward funding of pre-let
developments but will not include any direct development or
speculative development.
There is increasing political and financial pressure on Housing
Associations to increase their housing delivery and this is
creating opportunities for private sector investors to participate
in the market. The Group's ability to provide forward financing for
new developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents and delivering returns to investors.
Triple Point Investment Management LLP (part of the Triple Point
Group) is responsible for management of the Group's portfolio (with
such functions having been delegated to it by Langham Hall Fund
Management LLP, the Company's alternative investment fund
manager).
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 operates as a UK Real Estate Investment Trust.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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