Triple Point Social Housing REIT ACQUISITIONS UPDATE (5205U)
13 July 2018 - 4:00PM
UK Regulatory
TIDMSOHO
RNS Number : 5205U
Triple Point Social Housing REIT
13 July 2018
13 July 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; SOHC) is pleased to announce that the Group has exchanged
contracts on one supported housing property and completed the
acquisition of two supported housing properties, and has also
acquired the land and entered into a forward funding arrangement in
respect of a further supported housing scheme. These commitments
comprise 51 units in total, for an aggregate commitment of GBP6.7
million (excluding costs). The properties are located in the North
of England (39 units) and the East Midlands (12 units).
The Group has entered into a new FRI lease in respect of the
completed properties, for a minimum period of 20 years with the
ability to extend to 25 years, with specialist housing
associations, Auckland Home Solutions and Inclusion Housing. In
relation to the exchanged asset, the Group has an agreement for
lease in place and will enter into a new FRI lease with My Space
Housing Solutions on completion of the acquisition, also for a
period of 20 years. Similarly, on practical completion of the
forward funded asset, the Group will enter into a new FRI lease for
a period of 20 years with Inclusion Housing, with the option to
extend for a further two years. These 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 asset and 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
acquistion) 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
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 ("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
ACQUURKRWKABAAR
(END) Dow Jones Newswires
July 13, 2018 02:00 ET (06:00 GMT)
Triple Point Social Hous... (LSE:SOHO)
Historical Stock Chart
From Apr 2024 to May 2024
Triple Point Social Hous... (LSE:SOHO)
Historical Stock Chart
From May 2023 to May 2024