REG - Triple Point Soc.Hsg - Portfolio Update - Auckland Home Solutions

Social Housing REITAnnouncement

21/04/2023 07:00

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RNS Number : 9836W  Triple Point Social Housing REIT  21 April 2023

 

21 April 2023

 

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

 

Portfolio Update - Auckland Home Solutions

 

The board of Triple Point Social Housing REIT plc (ticker: SOHO) (the "Board")
notes the Enforcement Notice published by the Regulator of Social Housing (the
"Regulator") in relation to Auckland Home Solutions ("Auckland").

 

Auckland is a registered provider focused on the specialised supported housing
sector with under 1,000 units under management. The Enforcement Notice follows
on from the Regulator's ongoing engagement with Auckland and the regulatory
notice that was published on 13 August 2021.

 

The Enforcement Notice notes that the Regulator lacks assurances that Auckland
is compliant with the Regulator's standards and directs Auckland to commission
an independent review focused on appraising governance, business planning,
risk management and compliance with the Rent Standard. Following the
conclusion of the review Auckland must develop, and submit to the Regulator,
an action plan to achieve compliance. In addition, the Regulator has appointed
three new board members to Auckland's board to improve its capacity and
capability.

 

The Group has 30 assets leased to Auckland, the aggregate value of which, as
at 31 December 2022, was £30.8 million. Auckland represents 4.6 per cent
of the Group's portfolio value and 4.6 per cent of the Group's rent roll. As
at 31 December 2022, all rent due from Auckland under the leases with the
Group had been paid in full. As at 31 March 2023, there was a small amount of
rent outstanding (£41,064), and this is expected to be resolved shortly.

 

The Group's investment manager, Triple Point Investment Management LLP (the
"Manager"), has an established relationship with Auckland and welcomes the
additional skills the new directors will bring to Auckland's board. The
Manager notes that Auckland has been working towards addressing the matters
raised by the Regulator in August 2021, and has already begun the
commissioning process for the independent review required by the Regulator.

 

ENDS.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 Triple Point Investment Management LLP                 Tel: 020 7201 8989

 (Investment Manager)
 Max Shenkman
 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

 Madison Kominski

 

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 majority of the assets
within the portfolio are subject to inflation-linked, long-term, 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 a 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 pressure and social need to increase housing
supply across the UK which is creating opportunities for private sector
investors to help deliver this housing. The Group's ability to provide forward
funding 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 is a UK Real Estate Investment Trust ("REIT") listed on the
premium segment of the Official List of the UK Financial Conduct Authority and
is a constituent of the FTSE EPRA/NAREIT index.

 

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