REG - Triple Point Soc.Hsg - Sale of Four Properties

Triple Point Social Housing REITAnnouncement

01/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230901:nRSA0138La&default-theme=true

RNS Number : 0138L  Triple Point Social Housing REIT  01 September 2023

1 September 2023

 

Triple Point Social Housing REIT plc

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

 

Sale of Four Properties

 

Further to the Company's trading update announcement on 3 February 2023 (RNS:
8064O), the board of Triple Point Social Housing REIT plc (the "Board") is
pleased to announce the completion of the sale of four specialised supported
housing properties (the "Sale Portfolio") for an aggregate consideration of
£7,586,600 to a private UK real estate investment firm. The aggregate
consideration for the Sale Portfolio reflects a gain of £663,136 (9.6%)
against the aggregate purchase price (excluding transaction costs) and is
principally in line with the portfolio's book value of c.£7,870,000 as at 30
June 2023.

The Sale Portfolio comprised properties located across four Local Authorities
and contained a range of property types, lessees and care providers. As at 30
June 2023, the blended NIY of the Sale Portfolio was 5.75% and the WAULT was
19.3 years.

Following the publication of the Group's interim results on 7 September 2023
and feedback from shareholders, the Board will determine the best use of the
sale proceeds, which may include the repayment of debt and/or the return of
capital to shareholders through further share buybacks.

CBRE Limited acted for the Group in respect of the transaction.

Chris Phillips, Chair of the Group, said:

"The Board is very pleased to have completed the sale of this portfolio of
properties for a gain against purchase price and principally in line with its
book value. The sale demonstrates continued liquidity, and the resilience of
valuations in the specialised supported housing sector."

 

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
 Rajpal Padam
 Madison Kominski

 Brunswick Group (Financial PR Adviser)                 Tel: 020 7404 5959
 Nina Coad
 Diana Vaughton
 Mara James

 

 

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.

 

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  DISSDFFMFEDSESA