Triple Point Social Housing REIT New Revolving Credit Facility (3610L)
24 December 2018 - 6:00PM
UK Regulatory
TIDMSOHO
RNS Number : 3610L
Triple Point Social Housing REIT
24 December 2018
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU)
NO. 596/2014.
24 December 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
NEW REVOLVING CREDIT FACILITY OF GBP70 MILLION
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
announces that the Group has successfully signed a secured GBP70
million Revolving Credit Facility (the "RCF") with Lloyds Bank
plc.
The floating rate RCF has an initial term of four years expiring
on 20 December 2022 which may be extended by a further two years to
20 December 2024. The interest rate in respect of drawn amounts
under the RCF is 1.85% pa over 3 month LIBOR. The RCF is on a
non-recourse basis to the Company and, when fully drawn, will
represent a loan-to-value ("LTV") of 40 per cent. secured against a
defined portfolio of the Company's specialist supported housing
assets operating throughout the UK, held as a lending group through
a wholly owned Group subsidiary.
Triple Point Investment Management LLP, the Company's Delegated
Investment Manager, continues to identify attractive investment
opportunities for the Group. The RCF will provide the Group with
flexible committed capital, at an attractive margin, to help
finance the aquisition of supported housing assets from its growing
pipeline.
The RCF is the Company's second debt raise in 2018. The Company
targets a long term level of aggregate borrowings equal to 40 per
cent. of the Group's gross asset value, subject to a limit of 50
per cent. (calculated at the time of draw down).
Chris Phillips, Chairman of Triple Point Social Housing REIT
plc, said:
"We are delighted to have secured a flexible RCF on competitive
terms in order to maintain an efficient balance sheet, enabling us
to act quickly on attractive investment opportunities. We are
pleased to welcome Lloyds Bank as a new counterparty into our
relationship group and value their continued support of the UK
social housing sector. The level of lender interest we received on
this transaction reaffirms the attractive fundamentals of this
asset class."
Gowling WLG acted as legal advisor to the Group.
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: 07747 113 930
James Benjamin Em: triplepoint@newgatecomms.com
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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