Sale of Four Properties

Triple Point Social Housing REIT

01 September 2023

 

1 September 2023

Triple Point Social Housing REIT plc

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

Sale of Four Properties

Further to the Company's trading update announcement on 3 February 2023 (RNS: 8064O), the board of Triple Point Social Housing REIT plc (the "Board") is pleased to announce the completion of the sale of four specialised supported housing properties (the "Sale Portfolio") for an aggregate consideration of £7,586,600 to a private UK real estate investment firm. The aggregate consideration for the Sale Portfolio reflects a gain of £663,136 (9.6%) against the aggregate purchase price (excluding transaction costs) and is principally in line with the portfolio's book value of c.£7,870,000 as at 30 June 2023.

The Sale Portfolio comprised properties located across four Local Authorities and contained a range of property types, lessees and care providers. As at 30 June 2023, the blended NIY of the Sale Portfolio was 5.75% and the WAULT was 19.3 years.

Following the publication of the Group's interim results on 7 September 2023 and feedback from shareholders, the Board will determine the best use of the sale proceeds, which may include the repayment of debt and/or the return of capital to shareholders through further share buybacks.

CBRE Limited acted for the Group in respect of the transaction.

Chris Phillips, Chair of the Group, said:

"The Board is very pleased to have completed the sale of this portfolio of properties for a gain against purchase price and principally in line with its book value. The sale demonstrates continued liquidity, and the resilience of valuations in the specialised supported housing sector."

ENDS.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Investment Manager)	Tel: [phone]
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser and Corporate Broker)	Tel: [phone]
Mark Young
Rajpal Padam
Madison Kominski
Brunswick Group (Financial PR Adviser)	Tel: [phone]
Nina Coad
Diana Vaughton
Mara James

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.

 

END