Triple Point Social Housing REIT acquires four properties

The Board of Triple Point Social Housing REIT has completed four further acquisitions of supported housing properties, comprising 52 units in total, for an aggregate purchase price of approximately £10.4 million (€11.8 million, excluding costs). The four properties are located in Merseyside (27 units), Lancashire (21 units) and Brighton (4 units).

The Merseyside property comprises a number of purpose built units constructed approximately five years ago, for individuals with mental health and other complex care needs. The property is subject to an existing lease with the Registered Provider, Inclusion Housing CIC, with a remaining term of c.17 years with a mutual right to break within the final two years. However the Group expects to enter into a new longer, FRI lease with the Registered Provider, Inclusion Housing CIC, shortly.

The group has entered into new FRI leases for the further three properties for a period of 20 years with the ability to extend to 25 years, in respect of each property. These leases are with specialist Auckland Home Solutions and Westmoreland, which are Registered Providers (regulated by the Homes and Communities Agency). The properties comprise specialist, high quality homes refurbished for individuals with learning disabilities and mental health care needs. The rents received under these leases are subject to annual, upward only rent reviews. Three of the leases increase in line with Consumer Prices Index and the lease for the Merseyside property increases inline with Retail Prices Index. The properties are all immediately income generating with a net intial yield in line with the company's investment criteria and returns profile.

Location

18 St. Swithin’s Lane

London

EC4N 8AD

United Kingdom