NET ASSET VALUES AS AT 31 MARCH 2018

RNS Number : 4827R

Triple Point Social Housing REIT

15 June 2018

 

15 June 2018

Triple Point Social Housing REIT plc

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

NET ASSET VALUES AS AT 31 MARCH 2018

The Board of Directors of Triple Point Social Housing REIT plc (tickers: SOHO; SOHC) has decided to announce the Company's net asset values ("Net Asset Values" or "NAVs") on a quarterly basis going forward and, accordingly, is pleased to announce its unaudited NAVs as at 31 March 2018.

The unaudited Net Asset Values set out below reflect an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed and the prevailing value of forward funded commitments) as at 31 March 2018, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

IFRS and EPRA Net Asset Values*
	As at 31 Mar 2018 (unaudited)	As at 31 Dec 2017 (audited)	% change
Ordinary Share NAV per share (p)	101.14	100.84	+0.30%
C Share NAV per share (p)**	98.00	N/A	N/A

* As at 31 March 2018, the IFRS and EPRA NAVs for the Company were the same.

** On 27 March 2018, the Company raised gross proceeds of £47.5m through the issue of C Shares. As at 31 March 2018, the Net Asset Value of the C Share pool is equivalent to the net proceeds of the issue as no assets had yet been acquired.

For information purposes only, JLL undertook a valuation of the Company's portfolio on a portfolio basis (a "Portfolio NAV") which assumes that the assets are held in a single company holding structure which is sold to a third party on arm's length terms, and attracts lower purchaser's costs of 2.3 per cent.   The Portfolio NAV per Ordinary Share as at 31 March 2018 was 107.28p.

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
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited (Joint Financial Adviser and Sole Global Coordinator and Bookrunner)	Tel: [phone]
Lucy Lewis
Denis Flanagan
Andrew Zychowski
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Anna Geffert
Patrick Hanrahan

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 social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, 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 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 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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