About Us

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”).

Note:

  1. This target dividend is a target only and not a profit forecast. The Company’s ability to distribute dividends on an annual basis will be determined by the existence of realised profits, legislative requirements, and available cash reserves. There is no certainty as to any level of dividends. The dividend targets may not be achieved, and all dividend payments are subject to the Company having adequate distributable reserves and cash reserves. Accordingly, investors should not place any reliance on this target in deciding whether or not to invest in the Company and should decide for themselves whether or not the target dividend yield is reasonable or achievable.
  2. This implies an annual total return of 9 per cent. of the Issue Price per Ordinary Share (following deployment of the Net Proceeds and associated gearing) modelled on the assumption that (amongst other things) the value of the Portfolio inflates by 2 per cent. per annum.

 

Investment Highlights

Focus on Supported Housing with secure, long-term and inflation linked leases

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Stable and growing income streams

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Forward funding but no speculative development

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The Delegated Investment Manager has strong relationships and an extensive and successful track record, investing over £1 billion across a diverse range of sectors delivering strong income

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Seed Portfolio and strong identified pipeline of over £200 million of predominantly off-market investment opportunities

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Management

The Delegated Investment Manager

The Board is responsible for the determination of the Company’s Investment Objective and Investment Policy and has overall responsibility for the Company’s activities except for any alternative investment fund management functions, which are provided by the alternative investment fund manager (“AIFM”), Langham Hall Fund Management LLP. The AIFM is responsible for portfolio management and risk management of the Company pursuant to the AIFMD. However, the AIFM has delegated the portfolio management of the Group to the Delegated Investment Manager, Triple Point Investment Management LLP (part of the Triple Point Group), pursuant to the Delegated Investment Management Agreement.

Triple Point Group is a successful specialist investment firm founded in 2004 on the premise to deliver well researched and managed investments to individuals who are seeking capital security, liquidity and predictable returns. Triple Point currently has over £470 million assets under management and has invested over £1 billion across its product range since inception, having returned approximately £130 million to its investors during the last two years, in line with the applicable investment mandates.

Over the last 10 years, Triple Point has invested over £1 billion across a diverse range of investment sectors, including property, central and local government, NHS Hospital Trusts and infrastructure including lease and asset finance with over £600 million of funding into over 45,000 small and medium sized businesses. Triple Point continues to select investments across a wide range of business sectors, which have included property, technology, renewable energy, asset finance in leasing, lending and asset finance. As well as an existing portfolio of Social Housing assets Triple Point has assisted in investments into private and public sector healthcare providers, combined heat and power plants, hydro-electric power, solar, crematoria and gas-peaking facilities.

The key personnel of the Delegated Investment Manager who are involved in the provision of portfolio management services under the terms of the Delegated Investment Management Agreement are as follows:

James Cranmer

Managing Partner, Asset Originator

Ben Beaton

Managing Partner, Fund Manager

Max Shenkman

Principal, Head of Investment

Board

The Directors of the Company, all of whom are non-executive, are listed below.

All of the Directors are independent of the Delegated Investment Manager and the AIFM.

Chris Phillips

(Chairman) (aged 67)

Paul Oliver

Non-Executive Director (aged 62)

Professor Ian Reeves CBE

(Senior Independent Director) (aged 72)

Peter Coward

Non-Executive Director (aged 61)

Location

18 St. Swithin’s Lane

London

EC4N 8AD

United Kingdom

 

All press and public relations

Newgate Communications

Tel: +44(0) 20 7680 6550

Email: triplepoint@newgatecomms.com