Triple Point Social Housing REIT Acquisitions Update (8528D)
November 02 2020 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 8528D
Triple Point Social Housing REIT
02 November 2020
2 November 2020
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
ACQUISITIONS UPDATE
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that the Group has completed the acquisition
of a portfolio of five properties, comprising 74 individual units
(the " Portfolio "). In addition, the Group has acquired a further
six properties, comprising 59 individual units in total. The
aggregate consideration paid by the Group for all these properties
was approximately GBP28.9 million (excluding acquisition costs).
The properties are located in the the North West (53 units),
Yorkshire (22 units), the South West (18 units), West Midlands (16
units), the East of England (14 units) and East Midlands (10
units).
The Group has taken over the Portfolio's existing FRI leases,
which all have a remaining term of approximately 55 years, and has
entered into new FRI leases in respect of each of the further six
properties acquired for periods of 20 to 25 years. The leases are
with specialist charities or housing associations regulated by the
Regulator of Social Housing, including Blue Square Residential,
Inclusion Housing (in respect of the Portfolio), Independent
Housing and Pivotal.
The rents received under these leases are subject to annual,
upward-only rent reviews, increasing in line with the Consumer
Price Index or, in respect of the Portfolio, the Retail Price
Index.
The properties comprise specialist, high quality homes for
individuals with mental health and other support and care
needs.
The properties generate net initial yields in line with the
Company's existing portfolio.
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
Akur Capital (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser Tel: 020 7710 7600
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-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.
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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