Triple Point Social Housing REIT (SOHO) has announced that the Group has completed the acquisition of six supported housing properties. The six properties comprise 47 units in total, for an aggregate commitment of approximately £7.2 million (excluding costs). The properties are located in the South (12 units), East Midlands (16 units), Yorkshire (11 units), the North East (3 units) and the North West (5 units). SOHO says that the properties comprise specialist, high quality homes for individuals with mental health and other support and care needs, and that the properties generate net initial yields in line with its investment criteria and returns profile.
SOHO has entered into new FRI leases in respect of each of the properties acquired for periods of between 20 and 25 years. These leases are with specialist housing associations including Falcon Housing Association, Hilldale Housing Association and Inclusion Housing. All the housing associations are regulated by the Regulator of Social Housing. The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.
About Triple Point Social Housing REIT
Triple Point Social Housing REIT invests primarily in newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), fully repairing and insuring (FRI) leases with approved providers (being housing associations, local authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to an FRI lease with an approved provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.
Triple Point Social Housing REIT was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017. It was then admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust (REIT) and is a constituent of the FTSE EPRA/NAREIT index.
Triple Point Investment Management LLP is responsible for management of the Triple Point Social Housing REIT’s portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company’s alternative investment fund manager).
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