25th Apr 2018 15:20
LONDON (Alliance News) - Triple Point Social Housing REIT PLC on Wednesday said that it bought the land and entered into a new funding arrangement to develop supported housing scheme in the North of England and Hampshire.
The investment company said that the scheme comprises of 56 properties, worth GBP8.9 million, and refurbished for individuals with mental health and other support and care needs. For each of them, Triple Point Social Housing entered into new fully repairing and insuring leases with previously contracted housing associations including Falcon Housing Association CIC and Inclusion Housing CIC.
In addition to that, the company said it intends to enter into a new lease with Care Housing Association on practical completion of the scheme. The minimum period for each lease is 20 years, it said, with the ability to extend for five to ten years.
"The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Prices Index," Triple Point Social Housing said. "Over the period of construction of the forward funded asset, the group will accrue a coupon from the developer."
Also, the company said that it has exchanged contracts on three supported housing properties and completed the acquisition of two units.
The stock was up 0.3% on Wednesday afternoon at 103.26 pence per share.
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