Triple Point Social Housing REIT Acquisitions Update (3875A)
May 29 2019 - 1:00AM
UK Regulatory
TIDMSOHO
RNS Number : 3875A
Triple Point Social Housing REIT
29 May 2019
29 May 2019
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 12 supported housing properties, exchanged contracts on a
further three supported living properties and acquired the land and
entered into forward funding arrangements to develop another three
supported housing schemes, comprising 178 units in total, for an
aggregate commitment of approximately GBP39.5 million (excluding
costs). The properties are located in the East of England (16
units), the East Midlands (29 units), the West Midlands (26 units),
the South West (25 units), London (79 units) and the South East (3
units).
The Group has entered into new FRI leases in respect of each of
the properties acquired and, in relation to the properties on which
the Group has exchanged contracts, will enter into new FRI leases
on completion, for a minimum period of 20 years with the ability to
extend. These leases are with specialist housing associations
including 28A Supported Living, Hilldale Housing Association and
Inclusion Housing.
In relation to the forward funded assets, the Group will enter
into new FRI leases with Inclusion Housing and Chrysalis Supported
Association on practical completion of each scheme, for a minimum
period of 20 years with the ability to extend.
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 exchanged or the forward funded assets) subject to annual,
upward-only rent reviews, increasing in line with the Consumer
Price Index.
The properties comprise (or will comprise once construction
completes) specialist, high quality homes for individuals with
mental health and other support and care needs.
The properties generate (or will generate once construction
completes) 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 Tel: 020 7201 8976
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
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 primarily newly developed 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 as well as 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 ("REIT") and is a
constituent of the FTSE EPRA/NAREIT index.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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