Triple Point adds to its social housing portfolio – Triple Point Social Housing REIT (SOHO) manages a portfolio of social housing assets in the UK, with a particular focus on supported housing.
Triple Point adds to its social housing portfolio
The group has
- exchanged contracts on two supported housing properties
- completed the acquisition of three supported housing properties
- acquired land and entered into forward funding arrangements to develop a further three supported housing schemes, comprising 66 units (includes 1 caretaker unit)
The total cost is £9.6 million in aggregate (excluding costs). The properties are located in the North East (16 units), North West (32 units), East Midlands (13 units) and East (5 units).
The group has entered into new full repair and insurance (FRI) leases in respect of each of the properties (other than the exchanged and forward funded assets) for a minimum period of 20 years with the ability to extend to 25 years (one property) and to 30 years (two properties). These leases are with specialist housing associations with whom Triple Point has contracted previously, Falcon Housing Association and My Space Housing Solutions.
In relation to the exchanged and forward funded assets, the group will enter into new FRI leases with Inclusion Housing and My Space Housing Solutions on practical completion of the schemes, for a period of 22 years (two properties) and 20 years with the ability to extend to 25 years (one property) and 30 years (two properties).
SOHO : Triple Point adds to its social housing portfolio