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Triple Point Social Housing credit facility extended to £130m

Triple Point Social Housing

Triple Point Social Housing credit facility extended to £130m – The social housing REIT, Triple Point Social Housing (SOHO), has announced it has secured a £60m extension to its existing £70m revolving credit facility (RCF) arrangement with Lloyds Bank (Lloyds). NatWest will provide additional debt financing (on identical terms) alongside Lloyds, taking the RCF to £130m. 

SOHO say that when fully drawn, the RCF will represent a loan-to-value ratio of 40%. The increased RCF represents SOHO’s third debt capital raise since it came to market in 2017. The company adds that it targets a long term level of aggregate borrowings equal to 40% of gross asset value, subject to a limit of 50% (calculated at the time of draw down). As at 30 June 2019, aggregate borrowings drawn represented 21%.

About SOHO

SOHO 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.

SOHO: Triple Point Social Housing credit facility extended to £130m

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