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Acquisitions update from Triple Point Social Housing

Triple Point Social Housing

Acquisitions update from Triple Point Social Housing – Triple Point Social Housing (SOHO) has announced that it has completed the acquisition of 36 supported housing properties and exchanged contracts on a further 4 supported housing properties, comprising 216 units in total, for an aggregate commitment of approximately £27.4m (excluding costs). The properties are located in the west midlands (69 units), the north east (39 units), the east of england (30 units), the south east (29 units), the south west (21 units), the north west (14 units), the east midlands (12 units) and London (2 units).

SOHO has entered into new full repair and insurance (FRI) leases in respect of each of the properties acquired for a minimum period of 20 years with the ability to extend to 25 years. These leases are with specialist housing associations including Inclusion Housing, Bespoke Supportive Tenancies Limited and IKE Supported 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 inflation (consumer price index)..

The properties comprise specialist, high quality homes for individuals with mental health and other support and care needs. The company says that the properties generate net initial yields in line with its investment criteria and returns profile.

We covered more acquisitions by SOHO last week (click here to access the story).

SOHO: Acquisitions update from Triple Point Social Housing

 

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