Triple Point Social Housing REIT Acquisition (8101B)
January 15 2018 - 1:00AM
UK Regulatory
TIDMSOHO
RNS Number : 8101B
Triple Point Social Housing REIT
15 January 2018
15 January 2018
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
acquisitions of 10 supported housing properties, comprising 60
units in total, for an aggregate purchase price of approximately
GBP10.7 million (excluding costs). The properties are located in
Gloucestershire (29 units), Leicestershire (28 units) and
Northumberland (3 units).
The Group has entered into new FRI leases in respect of each of
the properties for a period of 20 years with the ability to extend
to 25 years. These leases are with specialist Housing Associations,
Auckland Home Solutions CIC and Westmoreland Supported Housing,
which are Registered Providers (regulated by the Regulator for
Social Housing*).
The rents received under the leases are subject to annual,
upward only rent reviews, increasing in line with the Consumer
Prices Index ("CPI"). The properties comprise specialist, high
quality homes refurbished for individuals with mental health and
other support and care needs.
The properties are immediately income generating with a net
intial yield in line with the Company's investment criteria and
returns profile.
* As published on 11 January 2018, the regulation of social
housing is the responsibility of the Regulation Committee, a
statutory committee of the Homes and Communities Agency ("HCA").
The organisation refers to itself as the Regulator of Social
Housing in undertaking the functions of the regulatory
committee.
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
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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