viewTriple Point Social Housing Reit

Triple Point Soc.Hsg - Acquisitions Update

RNS Number : 9029Y
Triple Point Social Housing REIT
07 January 2020

7 January 2020

Triple Point Social Housing REIT plc

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


The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that the Group has completed the acquisition of 4 supported housing properties, comprising 41 units in total, for an aggregate commitment of approximately £6.3 million (excluding costs). The properties are located in Yorkshire (35 units) and the East of England (6 units).


The Group has entered into new FRI leases in respect of each of the properties acquired for a minimum period of 20 years with the ability to extend for five years. These leases are with specialist housing associations including Bespoke Supportive Tenancies Limited, Care Housing Association, Falcon Housing Association and Inclusion Housing. All the housing associations are regulated by the Regulator of Social Housing.


The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.


The properties comprise specialist, high quality homes for individuals with mental health and other support and care needs.


The properties generate net initial yields in line with the Company's investment criteria and returns profile.



Triple Point Investment Management LLP

(Delegated Investment Manager)

Tel: 020 7201 8976

James Cranmer

Ben Beaton

Max Shenkman

Justin Hubble

Akur Limited (Joint Financial Adviser)

Tel: 020 7493 3631

Tom Frost

Anthony Richardson

Siobhan Sergeant

Investec Bank plc (Joint Financial Adviser and Corporate Broker)

Tel: 020 7597 4000

Lucy Lewis

Denis Flanagan

Tom Skinner


The Company's LEI is 213800BERVBS2HFTBC58.


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



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-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 as well as 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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Quick facts: Triple Point Social Housing Reit

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Market: LSE
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