Triple Point Social Housing joins the queue for extra cash – Triple Point Social Housing REIT has just published its interim accounts. Things seem to be on the right track, it has announced that its EPRA NAV has risen to 101.61p (as at the end of June 2018) from 100.84p (as at the end of 2017) and the statement says that the company is on track to pay an initial total dividend of 5.0p per share for its first full financial year to 31 December 2018, in line with its stated target at launch. The NAV estimate is based on a portfolio yield of 5.32%, against the portfolio’s net initial yield at purchase of 5.91%.
Fully invested by end October
The company raised GBP47.5m in March 2018 and, on 30 August 2018, the C Shares converted into ordinary shares. It has bought 41 supported housing properties since the end of June and secured a £68.5m funding line which it intends to use to make further acquisitions. They say “The investment manager has access to a significant pipeline of potential investments and is currently engaged in discussions with various parties (including Approved Providers and developers) in relation to a number of assets” …. ” the company expects to have substantially invested or committed the proceeds of its recent debt raise (announced on 23 July 2018) by the end of October and therefore intends to undertake a further issue of equity by way of a placing, open offer and offer for subscription shortly. The company expects to publish a prospectus in connection with the issue in September.”
[QD comment: Triple Point Social Housing looks set to join a long queue of funds looking for cash from investors. New launches include MultiFamily Housing REIT – which, if successful would further expand the housing REIT sector. It will be interesting to see whether investors opt to top up investments in existing vehicles rather than funding new ones.]
SOHO : Triple Point Social Housing joins the queue for extra cash