19 December 2017
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
PORTFOLIO ACQUISITION
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that the Group has completed the acquisition of a portfolio of six supported housing properties (the "Portfolio"), comprising 40 units in total, for a purchase price of approximately £5.5 million (excluding costs). The properties are located in Bradford (14 units), Skegness (14 units), North Shields (10 units) and two units in Cheshire (Ellesmere Port and Chester).
The properties acquired as part of the Portfolio all benefit from FRI leases which can be extended at the sole option of the Company such that they have a remaining lease term of 30 years. The leases are with My Space Housing Solutions, a Registered Provider 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 adapted for individuals with mental health needs and learning difficulties.
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 Management LLP (Delegated Investment Manager) |
(via Newgate below) |
James Cranmer |
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Ben Beaton |
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Max Shenkman |
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Justin Hubble |
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Akur Limited (Joint Financial Adviser) |
Tel: 020 7493 3631 |
Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Canaccord Genuity Limited (Joint Financial Adviser and Corporate Broker) |
Tel: 020 7523 8000 |
David Yovichic |
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Lucy Lewis |
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Denis Flanagan |
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Newgate (PR Adviser) |
Tel: 020 7680 6550 |
James Benjamin |
Em: [email protected] |
Anna Geffert |
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Lydia Thompson |
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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.
