Triple Point Social Housing REIT Portfolio update: Encircle Housing (8136V)
April 10 2019 - 11:21AM
UK Regulatory
TIDMSOHO
RNS Number : 8136V
Triple Point Social Housing REIT
10 April 2019
10 April 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio update - Encircle Housing
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
notes the Regulatory Notice published today by the Regulator of
Social Housing (the "Regulator") in relation to Encircle Housing
("Encircle").
Encircle, a registered provider focused on the supported housing
sector, has 112 tenanted social housing units under management (as
at 31 December 2018) and has recently been subject to a review by
the Regulator, resulting in Encircle being deemed non-compliant
with the governance and viability elements of the Governance and
Financial Viability Standard. As Encircle had fewer than 1,000
social housing units under management according to its last
statistical return, no formal rating was given by the
Regulator.
The Company has two assets leased to Encircle, the aggregate
value of which, as at 31 December 2018, was GBP2.98 million,
representing 0.82% of the Group's net asset value. One asset has 5
out of 6 units occupied and occupancy for the other is still
ramping up following the recent completion of works. Both assets
are of a high quality and are covered by voids agreements, and the
rent payable under the leases with the Company continues to be
paid.
The Company's delegated investment manager, Triple Point
Investment Management LLP (the "Manager"), has an established
relationship with Encircle and has been in regular dialogue with
it, particularly with regard to the regulatory review. The Company
notes Encircle has ongoing engagement with the Regulator and is
currently taking steps to address the Regulator's concerns.
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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