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The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. Triple Point Social Housing REIT plc (the "Company") has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the securities referred to herein and on the pages that follow will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the securities referred to herein and on the pages that follow may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. The securities referred to herein and on the pages that follow have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, US persons as defined in Regulation S under the Securities Act ("US Persons"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act. There will be no public offer of the securities referred to herein and on the pages that follow in the United States, Australia, Canada, Japan or South Africa.
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Triple Point Social Housing REIT plc was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange in August 2017.
The Company intends to invest in Social Housing assets in the UK, with a particular focus on Supported Housing. The assets within the portfolio will typically be subject to inflation-adjusted, long-term (from 20 years to 25 years), Fully Repairing and Insuring (“FRI”) leases with Approved Providers. The portfolio will comprise 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 will not include any direct development or speculative development.
Following deployment of the Net Proceeds of the Issue and associated gearing, the Company is targeting a covered dividend equal to 5 per cent. of the Issue Price per Ordinary Share in respect of the Company’s first full financial year (ending 31 December 2018), to be paid quarterly and increasing annually. 1 2
Triple Point Investment Management LLP (part of the Triple Point Group) will be responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager). It has identified a significant number of assets, primarily off-market, which it believes meets the requirements of the Company's Investment Objective and Investment Policy. The Delegated Investment Manager is conducting discussions with potential vendors for the Group to acquire or develop an additional £200 million of assets. The Company aims to deploy funds raised within nine months of Admission.
The Group has agreed to acquire, subject to Admission, a seed portfolio of five Supported Housing assets from Pantechnicon Capital Limited, a company within the Triple Point Group, at a purchase price of £17.9 million. At this price, the Seed Portfolio is targeted to produce a Net Initial Yield of 6 per cent.
The Company intends to give notice to HMRC that it will become a real estate investment trust for the purposes of Part 12 of the Corporation Tax Act 2010 (”REIT”).