Triple Point Social Housing invests another £10m – The Board of Triple Point Social Housing REIT says that the group has completed the acquisition of 12 supported housing properties, comprising 75 units in total, for an aggregate purchase price of GBP10.5 million (excluding costs). The properties are located in Bournemouth (1), Durham (1), Newcastle (1) and Sunderland (9).
The Group has entered into new 20 year (or equivalent to) FRI leases for all the properties with the ability to extend to up to 25 year terms. These leases are with specialist Housing Associations, Auckland Home Solutions, Bespoke Supportive Tenancies and Falcon Housing Association, which are Registered Providers (regulated by the Homes and Communities Agency).
The rents received under the leases are subject to annual, upward only rent reviews, index-linked to the Consumer Prices Index. The properties comprise specialist, high quality homes developed for individuals with learning difficulties, physical and/or mental disabilities or other care needs.
The properties are immediately income generating with a net initial yield in line with the Company’s investment criteria and returns profile.
James Cranmer, Managing Partner of Triple Point Investment Management LLP, commented: “We are delighted to be working with a growing number of Housing Associations, which we expect to increase further. We have identified a significant number of additional assets which meet the requirements of the Company’s Investment Objective and Investment Policy, and represent attractive potential investments for the Group. We look forward to announcing these in the near future.”
SOHO : Triple Point Social Housing invests another £10m