Triple Point Social Housing REIT Portfolio Update - My Space Housing Solutions (0030J)
December 17 2020 - 4:57AM
UK Regulatory
TIDMSOHO
RNS Number : 0030J
Triple Point Social Housing REIT
17 December 2020
17 December 2020
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio Update - My Space Housing Solutions
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
notes the regulatory judgement published today by the Regulator of
Social Housing (the "Regulator") in relation to My Space Housing
Solutions ("My Space"). This follows the Regulator's ongoing review
of the specialised supported housing sector which the Board
welcomes as it brings higher levels of accountability and
transparency.
My Space, a registered provider focused on providing homes to
vulnerable individuals, has over 1,000 social housing units under
management as at 30 September 2020. Following the Regulator's
review, My Space has been graded 'non-compliant' with a V3 rating
for viability and a G3 rating for governance. This reflects the
Regulator's desire to see My Space demonstrate improvement in the
areas of business planning and risk management.
The Company's investment manager, Triple Point Investment
Management LLP (the "Manager"), has an established relationship
with My Space and is in regular dialogue with them particularly
with regard to the regulatory review. The Company notes that My
Space continues to operate profitably whilst engaging with the
Regulator in order to address the concerns highlighted in the
judgement. The Regulator states that My Space has committed to work
with them to address the points outlined in the judgement and has
developed a financial and governance improvement action plan.
The Group has 34 assets leased to My Space, the aggregate value
of which, as at 30 September 2020, was GBP48.7 million. This
represents 9.1 per cent of the Group's current portfolio value and
9.3 per cent of the Group's rent roll . All rent payable under the
leases with the Group continues to be paid in full.
The Manager has liaised with the Group's independent valuer,
Jones Lang LaSalle Limited, who has confirmed that there should be
no impact on the value of the Group's property portfolio as a
result of the non-compliant rating.
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.
Additional information on regulation
The Specialised Supported Housing sector is regulated by the
Regulator who carries out assessments on registered providers
either through a scheduled In-depth assessment ("IDA") or reactive
engagement. When a registered provider passes the 1,000-unit
threshold, it automatically becomes subject to a detailed IDA by
the Regulator. The IDA assesses compliance with the requirements of
the Governance and Financial Viability Standard. The outcome of an
IDA results in the Regulator publishing a formal grading (V 1-4 for
Viability and G 1-4 for Governance, where V1-2 and G1-2 are
considered "compliant" ratings, and V3-4 and G3-4 are considered
"non-compliant" ratings), known as a regulatory judgement.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
PFUKDLBFBLLEFBQ
(END) Dow Jones Newswires
December 17, 2020 04:57 ET (09:57 GMT)
Triple Point Social Hous... (LSE:SOHO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Triple Point Social Hous... (LSE:SOHO)
Historical Stock Chart
From Jul 2023 to Jul 2024