Triple Point Social Housing REIT Portfolio Update - My Space Housing Solutions (8365M)
January 16 2023 - 5:15AM
UK Regulatory
TIDMSOHO
RNS Number : 8365M
Triple Point Social Housing REIT
16 January 2023
16 January 2023
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Portfolio Update - My Space Housing Solutions
Following the Company's announcement on 19 December 2022 (RNS
number 1767k), the Board of Triple Point Social Housing REIT plc
(ticker: SOHO) notes the enforcement notice published today by the
Regulator of Social Housing (the "Regulator") in relation to My
Space Housing Solutions ("My Space").
In its regulatory judgement on 19 December 2022 (the "December
2022 Judgement"), the Regulator noted that My Space was subject to
regulatory intervention or enforcement action, both in relation to
My Space's governance and financial viability, and that it was in
the process of serving an enforcement notice on My Space under
section 219 to 224 of the Housing Regeneration Act 2008 (the Act)
(the "Enforcement Notice"). As of today, the Enforcement Notice has
been published by the Regulator.
The Enforcement Notice reiterates the concerns of the Regulator
detailed in the December 2022 Judgement and gives My Space
directions to undertake certain actions within clear timeframes
specified by the Regulator. These directions are focused on
resolving My Space's solvency position, ensuring its rents are
compliant and that My Space is compliant with the Regulator's
standards.
The Group's investment manager, Triple Point Investment
Management LLP (the "Manager"), continues to engage actively with
My Space regarding making significant improvements to its
operations. As part of this ongoing engagement, the Group will
consider whether it is appropriate to put in place alternative
arrangements for some or all of its properties currently leased to
My Space.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
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
Madison Kominski
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
majority of the assets within the portfolio are subject to
inflation-linked, long-term, 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 a 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 is a UK Real Estate Investment Trust ("REIT") listed
on the premium segment of the Official List of the UK Financial
Conduct Authority 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
PFUBQLFFXFLFBBB
(END) Dow Jones Newswires
January 16, 2023 05:15 ET (10:15 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