Triple Point Social Housing invests in another 87 units – Triple Point Social Housing REIT has completed the acquisition of ten supported housing properties, acquired the land and entered into forward funding arrangements to develop another supported housing scheme and exchanged contracts on one further supported housing property, comprising 87 units in total, for an aggregate commitment of $12.6m. The properties are located in the North West (45 units), the South West (25 units), the East Midlands (9 units), the West Midlands (4 units) and the South East (4 units).
The Group has entered into new 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. These leases are with specialist housing associations, Falcon Housing Association, Hilldale Housing Association and Sunny Vale Supported Accommodation (a new tenant that adds further diversification to the Group’s portfolio).
In relation to the exchanged and forward funded assets, the Group will enter into new FRI leases with Auckland Home Solutions and Hilldale Housing Association on practical completion of each scheme, for a period of 20 years with the ability to extend to 25 years. 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 and forward funded 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 Social Housing invests in another 87 units