Triple Point Social Housing REIT Portfolio update: Westmoreland Supported Housing (9673B)
October 13 2020 - 11:15AM
UK Regulatory
TIDMSOHO
RNS Number : 9673B
Triple Point Social Housing REIT
13 October 2020
13 October 2020
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio update: Westmoreland Supported Housing
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
notes the Regulatory Notices published on 12 October 2020 by the
Regulator of Social Housing (the "Regulator") in relation to
Westmoreland Supported Housing Limited ("Westmoreland") and Trinity
Housing Association Limited ("Trinity").
The Company has no leases with Trinity. The Company currently
has two properties leased to Westmoreland representing less than
0.5 per cent. of the Company's current portfolio value. As stated
in the Company's interim report, the Company has been working with
Westmoreland to move all properties leased to Westmoreland to
another Registered Provider and we expect this process to complete
shortly. The Board welcomes the Regulator's ongoing engagement for
the benefit of the sector.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Ben Beaton
Max Shenkman
Isobel Gunn-Brown
Justin Hubble
Akur Limited (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel Nicolaus Europe Limited (Joint Tel: 020 7710 7600
Financial Adviser and Corporate Broker)
Mark Young
Mark Bloomfield
Rajpal Padam
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-linked,
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 pressure and social need to
increase housing supply across the UK which is creating
opportunities for private sector investors to help deliver this
housing. The Group's ability to provide forward funding 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.
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.
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END
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