Triple Point Social Housing REIT Regulator's Report (2151V)
April 05 2019 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 2151V
Triple Point Social Housing REIT
05 April 2019
5 April 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Regulator's Report
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
notes the "Lease-based providers of specialist supported housing"
report (the "Report") published on 4 April 2019 by the Regulator of
Social Housing (the "Regulator").
The Report is an Addendum to the Sector Risk Profile 2018 which
the Regulator has published annually for the last 6 years and which
aims to draw attention to the strategic and financial risks facing
the social housing sector. The main report was published in October
2018. However, because of the recent growth of the specialist
supported housing sector, the Regulator has published an addendum
to the main report focusing on specialist supported housing.
Whilst the Report does not highlight material new information,
it does provide a helpful commentary on the risks of which both
Registered Providers, who lease specialist supported housing
assets, and investors, who invest into the sector, should be aware.
It also notes that private investment plays an important role in
supporting the much needed growth and sustainable development of
the supported living sector and the positive impact this has on
some of the most vulnerable people in society.
The Board and the Investment Manager are pleased that the
Regulator intends to work with Registered Providers to help them
develop an appropriate long-term business model, and naturally
welcome any initiatives which improve levels of governance and
helps ensure counterparties are financially robust.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8976
LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Canaccord Genuity Limited (Joint Tel: 020 7523 8000
Financial Adviser and Corporate
Broker)
Lucy Lewis
Denis Flanagan
Andrew Zychowski
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
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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