Triple Point buys ten more supported housing properties – Triple Point Social Housing REIT has completed the acquisition of ten supported housing properties and exchanged contracts on three further supported housing properties, comprising 51 units in total, for an aggregate commitment of GBP7.9 million (excluding costs). The properties are located in the North West (3 units), the West Midlands (5 units), the East Midlands (9 units), the South (5 units) the South West (14 units) and the South East (15 units).
The Group has entered into new FRI leases in respect of each of the properties (other than the exchanged assets) for a minimum period of 20 years with the ability to extend to 25 years. These leases are with specialist housing associations with whom the Company has contracted previously, namely Chrysalis Supported Association and Falcon Housing Association. In relation to the exchanged assets, the Group will enter into new FRI leases with Auckland Home Solutions, Falcon Housing Association and Inclusion Housing, on practical completion of each scheme, for a period of 20 years with the ability to extend to 22 years (one property) and 25 years (two properties). All the housing associations are regulated by the Regulator of Social Housing.
The rents received under the leases are (or will be, in the case of the exchanged assets) subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index. The properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs.
SOHO : Triple Point buys ten more supported housing properties