Triple Point Social Housing REIT Portfolio update: BEST Housing (5073Y)
May 09 2019 - 5:00AM
UK Regulatory
TIDMSOHO
RNS Number : 5073Y
Triple Point Social Housing REIT
09 May 2019
9 May 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio update - BEST 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 Bespoke Supportive
Tenancies Limited ("BEST").
BEST, a registered provider focused on the supported housing
sector, has 996 tenanted social housing units under management (as
at the March 2018 Statistical Data Return) and has recently been
subject to a review by the Regulator, resulting in BEST being
deemed non-compliant with the governance and viability elements of
the Governance and Financial Viability Standard. As BEST 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 five assets leased to BEST, the aggregate value
of which, as at 31 December 2018, was GBP5.04 million, representing
1.38% of the Group's net asset value. All units are either fully
occupied or otherwise covered by voids agreements. Three assets
each have one unoccupied unit. The assets are of a high quality 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 BEST and has been in regular dialogue with it,
particularly with regard to the regulatory review. The Company
notes BEST 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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