Triple Point Social Housing REIT Portfolio Update - Auckland Home Solutions (9836W)

TIDMSOHO

RNS Number : 9836W

Triple Point Social Housing REIT

21 April 2023

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

Portfolio Update - Auckland Home Solutions

The board of Triple Point Social Housing REIT plc (ticker: SOHO) (the "Board") notes the Enforcement Notice published by the Regulator of Social Housing (the "Regulator") in relation to Auckland Home Solutions ("Auckland").

Auckland is a registered provider focused on the specialised supported housing sector with under 1,000 units under management. The Enforcement Notice follows on from the Regulator's ongoing engagement with Auckland and the regulatory notice that was published on 13 August 2021.

The Enforcement Notice notes that the Regulator lacks assurances that Auckland is compliant with the Regulator's standards and directs Auckland to commission an independent review focused on appraising governance, business planning, risk management and compliance with the Rent Standard. Following the conclusion of the review Auckland must develop, and submit to the Regulator, an action plan to achieve compliance. In addition, the Regulator has appointed three new board members to Auckland's board to improve its capacity and capability.

The Group has 30 assets leased to Auckland, the aggregate value of which, as at 31 December 2022, was GBP30.8 million. Auckland represents 4.6 per cent of the Group's portfolio value and 4.6 per cent of the Group's rent roll. As at 31 December 2022, all rent due from Auckland under the leases with the Group had been paid in full. As at 31 March 2023, there was a small amount of rent outstanding (GBP41,064), and this is expected to be resolved shortly.

The Group's investment manager, Triple Point Investment Management LLP (the "Manager"), has an established relationship with Auckland and welcomes the additional skills the new directors will bring to Auckland's board. The Manager notes that Auckland has been working towards addressing the matters raised by the Regulator in August 2021, and has already begun the commissioning process for the independent review required by the Regulator.

ENDS.

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.

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END

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