Triple Point Social Housing REIT Portfolio update: Westmoreland Supported Housing (1320O)
September 30 2019 - 5:14AM
UK Regulatory
TIDMSOHO
RNS Number : 1320O
Triple Point Social Housing REIT
30 September 2019
30 September 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio update - Westmoreland Supported Housing
Association
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
notes a further Regulatory Judgement published today by the
Regulator of Social Housing (the "Regulator") in relation to
Westmoreland Supported Housing Association ("Westmoreland") which
follows the Regulatory Judgement published on 30 November 2018 and
the Regulatory Notice published on 20 May 2019.
The Company has 15 leases in place with Westmoreland, on
properties which represented 4.7 per cent. of the Company's net
assets as at 30 June 2019.
The Regulatory Judgement maintains Westmoreland's Viability
grade at V3, but changes Westmoreland's Governance rating from G3
to G4. While the Regulatory Judgement acknowledges that progress
has been made across a number of areas, it also notes that
Westmoreland was subject to a creditor action in July 2019. As a
result, the Regulator has appointed three directors to
Westmoreland's board to help further increase its capacity and
skills and, in accordance with its procedures, has downgraded
Westmoreland's Governance rating. The Company understands that this
was an isolated creditor action as a result of a commercial dispute
relating to specific properties (none of which are owned by the
Company). The creditor action has since been withdrawn.
All payments under the Company's leases with Westmoreland
continue to be paid on time.
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
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Investec Bank plc (Joint Financial Tel: 020 7597 4000
Adviser and Corporate Broker)
Lucy Lewis
Denis Flanagan
Tom Skinner
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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