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The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that the Group has completed the acquisitions of 10 supported housing properties, comprising 60 units in total, for an aggregate purchase price of approximately £10.7 million (excluding costs). The properties are located in Gloucestershire (29 units), Leicestershire (28 units) and Northumberland (3 units).
The Group has entered into new FRI leases in respect of each of the properties for a period of 20 years with the ability to extend to 25 years. These leases are with specialist Housing Associations, Auckland Home Solutions CIC and Westmoreland Supported Housing,which are Registered Providers (regulated by the Regulator for Social Housing*).
The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with the Consumer Prices Index ("CPI"). The properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs.
The properties are immediately income generating with a net intial yield in line with the Company's investment criteria and returns profile.
* As published on 11 January 2018, the regulation of social housing is the responsibility of the Regulation Committee, a statutory committee of the Homes and Communities Agency ("HCA"). The organisation refers to itself as the Regulator of Social Housing in undertaking the functions of the regulatory committee.