4 January 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
FURTHER ACQUISITIONS
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that, over the Christmas period, the Group completed the acquisitions of 30 supported housing properties (including a portfolio of 12 properties), comprising 174 units in total, for an aggregate purchase price of approximately £25.7 million (excluding costs). The properties are located in various regions across England.
The Group has entered into new FRI leases in respect of each of the properties for a period of at least 20 years with the ability to extend to 25 years, with the portfolio of properties having a lease period of 35 years. These leases are with specialist Housing Associations, Auckland Home Solutions CIC, Bespoke Supportive Tenancies, Falcon Housing Association, Hilldale Housing Association, Inclusion Housing CIC, My Space Housing Solutions and Westmoreland Supported Housing, 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 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 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.
