Acquisition

RNS Number : 6273Y

Triple Point Social Housing REIT

07 December 2017

 

7 December 2017

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 11 supported housing properties (the "Portfolio"), comprising 160 units in total, for a purchase price of approximately £25.9 million (excluding costs).  The properties are located in the Midlands and the North of England.

In addition to the acquisition of the Portfolio, the Company has entered into a further agreement in respect of a pipeline of over 25 supported housing properties, which are anticipated to exchange over the next 12 months.

The properties acquired as part of the Portfolio all benefit from FRI leases which can be extended at the sole option of the Company such that they have a remaining lease term of between 25 and 35 years. The leases are with a range of regulated providers being either Registered Providers regulated by the Homes and Communities Agency or care providers regulated by the Care Quality Commission.

The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with Consumer Prices Index ("CPI"). The properties comprise specialist, high quality homes adapted for individuals with mental health and other complex care needs.

The properties are immediately income generating with a net intial yield in line with the Company's investment criteria and returns profile. 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Delegated Investment Manager)	(via Newgate below)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited (Joint Financial Adviser and Corporate Broker)	Tel: [phone]
David Yovichic
Lucy Lewis
Denis Flanagan
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Anna Geffert
Lydia Thompson

The Company's LEI is 213800BERVBS2HFTBC58.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Further information on the Company can be found on its website at www.triplepointreit.com.

NOTES:

The Company invests in social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio will typically be subject to inflation-adjusted, long-term (from 20 years to 25 years), Fully Repairing and Insuring ("FRI") leases with Registered Providers. The portfolio will comprise investments into properties which are already subject to an FRI lease with a Housing Association, Local Authority or other regulated organisation, as well as forward funding of pre-let developments but will 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 and delivering returns to investors.

Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager).

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 operates as a UK Real Estate Investment Trust.

 

END

 

 

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