Triple Point Social Housing REIT Acquisition Update (1075F)
October 25 2018 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 1075F
Triple Point Social Housing REIT
25 October 2018
25 October 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
ACQUISITIONS UPDATE
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that the Group has completed the acquisition
of ten supported housing properties, acquired the land and entered
into forward funding arrangements to develop another supported
housing scheme and exchanged contracts on one further supported
housing property, comprising 87 units in total, for an aggregate
commitment of GBP12.6 million (excluding costs). The properties are
located in the North West (45 units), the South West (25 units),
the East Midlands (9 units), the West Midlands (4 units) and the
South East (4 units).
The Group has entered into new FRI leases in respect of each of
the properties (other than the exchanged and forward funded assets)
for a minimum period of 20 years with the ability to extend to 25
years. These leases are with specialist housing associations,
Falcon Housing Association, Hilldale Housing Association and Sunny
Vale Supported Accommodation (a new tenant that adds further
diversification to the Group's portfolio).
In relation to the exchanged and forward funded assets, the
Group will enter into new FRI leases with Auckland Home Solutions
and Hilldale Housing Association on practical completion of each
scheme, for a period of 20 years with the ability to extend to 25
years. All the housing associations are regulated by the Regulator
of Social Housing.
The rents received under the leases are (or will be, in the case
of the exchanged and forward funded assets) subject to annual,
upward-only rent reviews, increasing in line with the Consumer
Price Index.
The properties comprise specialist, high quality homes
refurbished for individuals with mental health and other support
and care needs.
The properties will (immediately or on completion of the
acquisitions) generate net initial yields in line with the
Company's investment criteria and returns profile.
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
Justin Hubble
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 Corporate
Broker)
Lucy Lewis
Denis Flanagan
Andrew Zychowski
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
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 primarily newly developed 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 as well as 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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