Triple Point Soc.Hsg - Acquisitions Update

RioCan Real Estate Investment Trust

25/02/2020 07:00

RNS Number : 9605D

Triple Point Social Housing REIT

25 February 2020

 

 

25 February 2020

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 6 supported housing properties and a care home, comprising 91 units in total, for an aggregate commitment of approximately £18.3 million (excluding costs). The properties are located in the West Midlands (43 units), Yorkshire (40 units), the South East (5 units) and the North West (3 units).

 

The Group has entered into new FRI leases in respect of each of the properties acquired for periods of between 20 and 35 years. These leases are with specialist housing associations regulated by the Regulator of Social Housing or care providers regulated by the Care Quality Commission, including Falcon Housing Association and Inclusion Housing.

 

The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.

 

The properties comprise specialist, high quality homes for individuals with mental health and other support and care needs.

 

The properties 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 LLP
(Delegated Investment Manager)
Tel: 020 7201 8976
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Adviser)
Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Investec Bank plc (Joint Financial Adviser and Corporate Broker)
Tel: 020 7597 4000
Lucy Lewis
Denis Flanagan
Tom Skinner


 

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.

 

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