Triple Point Social Housing REIT Investment Update to 31 December 2017 (9125A)
January 04 2018 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 9125A
Triple Point Social Housing REIT
04 January 2018
4 January 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
INVESTMENT UPDATE TO 31 DECEMBER 2017
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to provide the following update on its investment
activity for the period from IPO on 8 August 2017 to 31 December
2017.
The Company made a number of investments and in doing so has
created a portfolio of regulated supported housing assets:(1)
Funds invested (excluding purchase GBP130.1
costs) million
------------------------------------ ---------
Number of properties 115
------------------------------------ ---------
Number of leases with Approved
Providers* 65
------------------------------------ ---------
Approved Providers with whom
the Company has leases 11
------------------------------------ ---------
*The portfolio is 100% let or pre-let. Some leases cover
multiple properties.
The portfolio is also geographically diverse, currently spread
across the following regions of England:
North West 38.7%
--------------- ------
North East 18.7%
--------------- ------
West Midlands 14.6%
--------------- ------
East Midlands 8.8%
--------------- ------
Yorkshire 7.8%
--------------- ------
South 4.9%
--------------- ------
South East 3.8%
--------------- ------
London 2.6%
--------------- ------
Percentages based on funds invested (excluding purchase
costs).
The Company's delegated investment manager, Triple Point
Investment Management LLP ("Triple Point"), has developed
partnership programmes with a number of specialist vendors in the
sector. Through these relationships, Triple Point has secured an
attractive near-term off-market pipeline of more than 105
additional properties worth over GBP145 million that are allocated
to the Company, on which it expects to contract over the next four
months.
In addition, Triple Point continues to evaluate potential
portfolio acquisitions and forward funding opportunities through
its network of contacts, which primarily spans Registered Providers
and developers, as well as investors working in the sector.
Chris Phillips, Chairman of the Company, commented:
"The Company has made an encouraging start, deploying GBP130.1
million of the IPO proceeds to date in assets which afford both
high quality accommodation to some of the most vulnerable people in
our society and the opportunity for long-term value creation to the
Company's shareholders.
The Company will pay a dividend of 1p per share in respect of
the period to 31 December 2017, and remains on track to deliver a
5p per share dividend in respect of its first full financial year
to 31 December 2018.(2) "
Note:
1 Figures to 31 December 2017.
2 This target dividend is a target only and not a profit
forecast. The Company's ability to distribute dividends on an
annual basis will be determined by the existence of realised
profits, legislative requirements, and available cash reserves.
There is no certainty as to any level of dividends. The dividend
targets may not be achieved, and all dividend payments are subject
to the Company having adequate distributable reserves and cash
reserves.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment (via Newgate below)
Management LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited Tel: 020 7523 8000
(Joint Financial Adviser
and Corporate Broker)
David Yovichic
Lucy Lewis
Denis Flanagan
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
Lydia Thompson
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 social housing assets in the UK, with a
particular focus on supported housing. The assets within the
portfolio will typically be subject to inflation-adjusted,
long-term (from 20 years to 25 years), Fully Repairing and Insuring
("FRI") leases with Registered Providers. The portfolio will
comprise investments into properties which are already subject to
an FRI lease with a Housing Association, Local Authority or other
regulated organisation, as well as forward funding of pre-let
developments but will 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 and 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 operates as a UK Real Estate Investment Trust.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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