Triple Point Social Housing REIT NET ASSET VALUES AS AT 31 MARCH 2018 (4827R)
June 15 2018 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 4827R
Triple Point Social Housing REIT
15 June 2018
15 June 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
NET ASSET VALUES AS AT 31 MARCH 2018
The Board of Directors of Triple Point Social Housing REIT plc
(tickers: SOHO; SOHC) has decided to announce the Company's net
asset values ("Net Asset Values" or "NAVs") on a quarterly basis
going forward and, accordingly, is pleased to announce its
unaudited NAVs as at 31 March 2018.
The unaudited Net Asset Values set out below reflect an
independent RICS "Red Book" valuation of the Company's portfolio
(including all property acquisitions completed and the prevailing
value of forward funded commitments) as at 31 March 2018, prepared
by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis
(as required by IFRS).
IFRS and EPRA Net Asset Values*
As at 31 Mar As at 31 Dec % change
2018 2017
(unaudited) (audited)
------------- ------------- ---------
Ordinary Share NAV per share
(p) 101.14 100.84 +0.30%
------------- ------------- ---------
C Share NAV per share (p)** 98.00 N/A N/A
------------- ------------- ---------
* As at 31 March 2018, the IFRS and EPRA NAVs for the Company
were the same.
** On 27 March 2018, the Company raised gross proceeds of
GBP47.5m through the issue of C Shares. As at 31 March 2018, the
Net Asset Value of the C Share pool is equivalent to the net
proceeds of the issue as no assets had yet been acquired.
For information purposes only, JLL undertook a valuation of the
Company's portfolio on a portfolio basis (a "Portfolio NAV") which
assumes that the assets are held in a single company holding
structure which is sold to a third party on arm's length terms, and
attracts lower purchaser's costs of 2.3 per cent. The Portfolio NAV
per Ordinary Share as at 31 March 2018 was 107.28p.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management (via Newgate below)
LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited (Joint Tel: 020 7523 8000
Financial Adviser and Sole Global
Coordinator and Bookrunner)
Lucy Lewis
Denis Flanagan
Andrew Zychowski
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
Patrick Hanrahan
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 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 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 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 or visit www.rns.com.
END
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