Triple Point Social Housing REIT Post-IPO update and Portfolio Acquisitions (6625P)
September 04 2017 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 6625P
Triple Point Social Housing REIT
04 September 2017
4 September 2017
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
POST-IPO UPDATE AND PORTFOLIO ACQUISITIONS
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
(the "Board") is pleased to provide the following update on its
activities following IPO,including portfolio acquisitions made by
the Group.
Post-IPO Update
The Company has progressed well since its successful IPO in
early August, which was supported by a broad range of institutional
investors as well as by Places for People Group, one of the UK's
largest property and leisure management, development and
regeneration companies.
Shortly following the IPO, the Group completed the acquisition
of its seed portfolio of five supported housing assets at a
purchase price of GBP17.9 million. The assets, which are located in
Bloxham, Leeds, Newcastle, Rushden and Stoke, have each been leased
to Inclusion Housing CIC as Registered Provider for an initial term
of 20 years. Further details regarding the seed portfolio, and the
terms upon which it was acquired, are set out in the Prospectus
published by the Company on 20 July 2017.
On 14 August, the Company gave notice to HMRC of its intention
to operate as a real estate investment trust for the purposes of
Part 12 of the Corporation Tax Act 2010 (a "REIT").
Second portfolio acquistion
The Board is also pleased to announce that the Group has
completed the acquisition of an additional portfolio of three
supported housing assets, comprising 18 beds in total, for a
purchase price of GBP3.0 million (excluding costs). The properties
are located in Leeds, Leek and Wolverhampton.
The Group has entered into a new 20-year lease in respect of
each of the three properties with specialist Housing Association,
Westmoreland Supported Housing, which is a Registered Provider
regulated by the Homes and Communities Agency.
The leases are indexed-linked to the Consumer Prices Index, and
the Registered Provider is responsible for the costs of
maintenance, repair, insurance and outgoings. The portfolio is
immediately income generating with a net intial yield in line with
the Company's investment criteria and returns profile. The
properties comprise specialist, high quality homes developed for
individuals with learning difficulties, physical and/or mental
disabilities or other care needs.
The pipeline of acquistion opportunities is continuing to
develop and Triple Point Investment Management LLP, the Company's
Delegated Investment Manager, has identified a significant number
of further assets which meet the requirements of the Company's
Investment Objective and Investment Policy and which represent
attractive potential investments for the Group.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment (via Newgate below)
Management LLP
(Delegated Investment Manager)
James Cranmer
Ben Beaton
Max Shenkman
Justin Hubble
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Canaccord Genuity Limited Tel: 020 7523 8000
(Joint Financial Adviser
and Corporate Broker)
David Yovichic
Lucy Lewis
Denis Flanagan
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: triplepoint@newgatecomms.com
Anna Geffert
Lydia Thompson
Langham Hall UK Services Em:triplepoint-cosec@langhamhall.com
LLP (Company Secretary)
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 Approved 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 is critical to securing deal flow for the Company
whilst addressing the key structural issue of 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 will operate as a UK Real Estate Investment Trust.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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