Triple Point Social Housing adds six properties – Triple Point Social Housing REIT has exchanged contracts to acquire six properties, comprising 27 units, for an aggregate commitment of GBP4.4 million (excluding costs) of these, four were subject to simultaneous exchange and completion (totalling GBP1.8 million).
The properties are located in East Anglia (3 units), the South West (2 units), the South East (5 units), the West Midlands (4 units), the North West (3 units) and the North East (10 units).
They have entered into new FRI (full repairing and insuring) leases in respect of each of the properties, for a minimum period of 20 years with the ability to extend to 25 years (four properties) and to 30 years (two properties). These leases are with specialist housing associations Falcon Housing Association, My Space Housing Solutions, Chrysalis Supported Association and Inclusion Housing CIC. These housing associations are Registered Providers regulated by the Regulator of Social Housing.
The rents received under the leases are (or will be) subject to annual, upward-only rent reviews, increasing in line with the Consumer Prices Index (“CPI”). The properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs.
The completed properties will generate net initial yield in line with the Company’s investment criteria and returns profile.
The acquisitions have been funded from the proceeds of the C Share issue undertaken by the Company in March 2018.
SOHO : Triple Point Social Housing adds six properties