Portfolio update: Westmoreland Supported Housing

RNS Number : 9673B

Triple Point Social Housing REIT

13 October 2020

 

13 October 2020

Triple Point Social Housing REIT plc

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

Portfolio update: Westmoreland Supported Housing

The Board of Triple Point Social Housing REIT plc (ticker: SOHO) notes the Regulatory Notices published on 12 October 2020 by the Regulator of Social Housing (the "Regulator") in relation to Westmoreland Supported Housing Limited ("Westmoreland") and Trinity Housing Association Limited ("Trinity").

The Company has no leases with Trinity. The Company currently has two properties leased to Westmoreland representing less than 0.5 per cent. of the Company's current portfolio value. As stated in the Company's interim report, the Company has been working with Westmoreland to move all properties leased to Westmoreland to another Registered Provider and we expect this process to complete shortly. The Board welcomes the Regulator's ongoing engagement for the benefit of the sector.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Investment Manager)	Tel: [phone]
Ben Beaton Max Shenkman Isobel Gunn-Brown Justin Hubble
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost Anthony Richardson Siobhan Sergeant
Stifel Nicolaus Europe Limited (Joint Financial Adviser and Corporate Broker)	Tel: [phone]
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.

 

END

 

 

PFUGPGWGUUPUGAW