Triple Point Social Housing REIT Acquisitions Update (0068M)
April 25 2018 - 1:01AM
UK Regulatory
TIDMSOHO
RNS Number : 0068M
Triple Point Social Housing REIT
25 April 2018
25 April 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 (tickers: SOHO
and SOHC) is pleased to announce that the Group has exchanged
contracts on three supported housing properties, completed the
acquisition of two supported housing properties and has acquired
the land and entered into a forward funding arrangement to develop
another supported housing scheme, comprising 56 units in total, for
an aggregate commitment of GBP8.9 million (excluding costs). The
properties are located in the North of England and Hampshire.
The Group has entered into new FRI leases in respect of each of
the properties (other than the forward funded asset) for a minimum
period of 20 years with the ability to extend for five to ten
years. These leases are with specialist housing associations with
whom the Company has contracted previously, including Falcon
Housing Association CIC and Inclusion Housing CIC. In relation to
the forward funded asset, the Group will enter into a new FRI lease
with Care Housing Association on practical completion of the
scheme, also for a period of 20 years with the ability to extend
for five years. All the housing associations are regulated by the
Regulator of Social Housing.
The rents received under the leases are (or will be, in the case
of the forward funded asset) subject to annual, upward-only rent
reviews, increasing in line with the Consumer Prices Index. Over
the period of construction of the forward funded asset, the Group
will accrue a coupon from the developer.
The properties comprise specialist, high quality homes
refurbished for individuals with mental health and other support
and care needs.
The properties will (immediately or on completion of the
acquisitions) generate net initial yields in line with the
Company's investment criteria and returns profile.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management (via Newgate below)
LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited (Joint Tel: 020 7523 8000
Financial Adviser and Corporate
Broker)
Lucy Lewis
Denis Flanagan
Andrew Zychowski
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
Patrick Hanrahan
Leena Patel
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 are subject to inflation-adjusted, long-term (typically
from 20 years to 30 years), Fully Repairing and Insuring ("FRI")
leases with 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 an FRI lease with an
Approved Provider, as well as forward funding of pre-let
developments but does 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 was admitted to the premium segment of the Official List
of the Financial Conduct Authority and migrated to trading on the
premium segment of the Main Market on 27 March 2018. The Company
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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