REG - Triple Point Soc.Hsg - Acquisitions Update

Social Housing REITAnnouncement

15/11/2021 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211115:nRSO3086Sa&default-theme=true

RNS Number : 3086S  Triple Point Social Housing REIT  15 November 2021

15 November 2021

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 a portfolio of
nineteen properties and exchanged contracts on a further two properties,
comprising an aggregate of 185 individual units (the "Portfolio"). In
addition, the Group has acquired a further five properties, comprising 38
individual units in total. The aggregate consideration paid (or, in respect of
the properties yet to complete, payable) by the Group for all these properties
is approximately £29.9 million (excluding acquisition costs). The
properties are located in Yorkshire (195 units), the West Midlands (16
units) and the North West of England (12 units).

 

The Group has taken over the Portfolio's existing FRI leases, which all have a
remaining term of between 56 and 60 years (with tenant break options after 25
and 50 years), and has entered into new FRI leases in respect of each of the
further three properties acquired for periods of 20 to 25 years. The leases
are with housing associations regulated by the Regulator of Social Housing,
including Highstone Housing Association, Inclusion Housing and Partners
Foundation.

 

The rents received under these 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
learning disabilities and other support and care needs.

 

The properties generate net initial yields in line with the Company's existing
portfolio.

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Triple Point Investment Management LLP                 Tel: 020 7201 8989

 (Investment Manager)
 Max Shenkman
 Freddie Cowper-Coles
 Isobel Gunn-Brown

 Akur Capital (Joint Financial Adviser)                 Tel: 020 7493 3631
 Tom Frost
 Anthony Richardson
 Siobhan Sergeant

 Stifel (Joint Financial Adviser and Corporate Broker)  Tel: 020 7710 7600
 Mark Young
 Mark Bloomfield
 Rajpal Padam

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at
www.triplepointreit.com (http://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.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEAEFLFEXFFAA