Triple Point Social Housing REIT REVOLVING CREDIT FACILITY INCREASED TO GBP160MILLION (6255I)
December 15 2020 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 6255I
Triple Point Social Housing REIT
15 December 2020
15 December 2020
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
REVOLVING CREDIT FACILITY INCREASED TO GBP160 MILLION
AND EXTENSION OF INITIAL MATURITY
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that the Group has successfully secured an
increase to its existing Revolving Credit Facility (the " RCF ")
jointly provided by Lloyds Bank plc (" Lloyds ") and National
Westminster Bank plc (" NatWest "). The RCF will increase from
GBP130 million to GBP160 million (following the full utilisation of
the existing GBP130 million in October this year).
The Group has simultaneously extended the RCF's initially agreed
four-year term by a year to 20 December 2023. The term of the RCF
may be extended by a further year, to 20 December 2024 (subject to
the consent of the lenders).
Triple Point Investment Management LLP, the Group's Investment
Manager, continues to identify attractive investment opportunities
for the Group's pipeline. Consequently, the increase of the RCF
will provide the Group with additional committed capital at an
attractive margin of 1.85 per cent per annum over 3-month LIBOR ,
to help finance the acquisition and development of specialised
supported housing assets from its pipeline.
As at 30 September 2020, the aggregate borrowings drawn
represented 32.9 per cent of the Group's gross asset value. When
fully drawn the RCF will represent a loan-to-value ("LTV") of 40
per cent secured against a defined portfolio of the Group's
specialised supported housing assets located throughout the UK
which are held in a wholly owned Group subsidiary.
Chris Phillips, Chairman of Triple Point Social Housing REIT
plc, said:
"We are delighted to have been able to secure an increase to the
Group's RCF. This demonstrates the continued support of Lloyds and
NatWest to the Group and is reflective of the operational and
financial resilience that our portfolio has demonstrated this year.
The RCF offers the Group a high degree of flexibility and will
enable us to provide more homes to some of the most vulnerable
members of our society."
Gowling WLG acted as legal adviser to the Group.
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-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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