4 January 2018
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that, over the Christmas period, the Group completed the acquisitions of 30 supported housing properties (including a portfolio of 12 properties), comprising 174 units in total, for an aggregate purchase price of approximately £25.7 million (excluding costs). The properties are located in various regions across England.
The Group has entered into new FRI leases in respect of each of the properties for a period of at least 20 years with the ability to extend to 25 years, with the portfolio of properties having a lease period of 35 years. These leases are with specialist Housing Associations, Auckland Home Solutions CIC, Bespoke Supportive Tenancies, Falcon Housing Association, Hilldale Housing Association, Inclusion Housing CIC, My Space Housing Solutions and Westmoreland Supported Housing, which are Registered Providers (regulated by the Homes and Communities Agency).
The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with 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.