REG - Triple Point Soc.Hsg - Portfolio Update - My Space Housing Solutions

Social Housing REITAnnouncement

16/01/2023 10:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230116:nRSP8365Ma&default-theme=true

RNS Number : 8365M  Triple Point Social Housing REIT  16 January 2023

 

16 January 2023

 

Triple Point Social Housing REIT plc

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

 

Portfolio Update - My Space Housing Solutions

 

Following the Company's announcement on 19 December 2022 (RNS number 1767k),
the Board of Triple Point Social Housing REIT plc (ticker: SOHO) notes the
enforcement notice published today by the Regulator of Social Housing (the
"Regulator") in relation to My Space Housing Solutions ("My  Space").

 

In its regulatory judgement on 19 December 2022 (the "December 2022
Judgement"), the Regulator noted that My Space was subject to regulatory
intervention or enforcement action, both in relation to My Space's governance
and financial viability, and that it was in the process of serving an
enforcement notice on My Space under section 219 to 224 of the Housing
Regeneration Act 2008 (the Act) (the "Enforcement Notice"). As of today, the
Enforcement Notice has been published by the Regulator.

 

The Enforcement Notice reiterates the concerns of the Regulator detailed in
the December 2022 Judgement and gives My Space directions to undertake certain
actions within clear timeframes specified by the Regulator. These directions
are focused on resolving My Space's solvency position, ensuring its rents are
compliant and that My Space is compliant with the Regulator's standards.

 

The Group's investment manager, Triple Point Investment Management LLP (the
"Manager"), continues to engage actively with My Space regarding making
significant improvements to its operations. As part of this ongoing
engagement, the Group will consider whether it is appropriate to put in place
alternative arrangements for some or all of its properties currently leased to
My Space.

 

 

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.

 

Additional information on regulation

The Specialised Supported Housing sector is regulated by the Regulator who
carries out assessments on registered providers either through a scheduled
In-depth assessment ("IDA") or reactive engagement. When a registered provider
passes the 1,000-unit threshold, it automatically becomes subject to a
detailed IDA by the Regulator. The IDA assesses compliance with the
requirements of the Governance and Financial Viability Standard. The outcome
of an IDA results in the Regulator publishing a formal grading (V 1-4 for
Viability and G 1-4 for Governance, where V1-2 and G1-2 are considered
"compliant" ratings, and V3-4 and G3-4 are considered "non-compliant"
ratings), known as a regulatory judgement.

 

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  PFUBQLFFXFLFBBB