Triple Point report busy first six months – The managers of the social housing REIT, Triple Point Social Housing (SOHO) have not been resting on their laurels. They have acquired 116 properties (828 units) with average property value of £1.2 m and an aggregate purchase price of £131.8 m (including costs). The geographic split of the properties is as follows: North West (39%), North East (19%) and West Midlands (15%).
The property portfolio at 31 December 2017 was fully let with the assets either being let or pre-let on completion. The portfolio comprised of 65 fully repairing and insuring leases with 11 Approved Providers with a total annualised rental income of £7.8 million.
Valuation of Triple Point’s property portfolio
At the period end, the portfolio of investment property was independently valued at £137.5 m on an International Financial Reporting Standards (IFRS) basis, reflecting a valuation uplift of 4.4% against the portfolio’s aggregate purchase price (including transaction costs). The valuation reflects a portfolio yield of 5.3%, compared to the portfolio’s blended net initial yield of 5.9%.
The Group’s assets were valued at £146.9 m on a portfolio valuation basis, reflecting a portfolio premium of £9.4 m against the IFRS valuation.
SOHO : Triple Point report busy first six months