10th Sep 2019 13:39
(Alliance News) - Triple Point Social Housing REIT PLC said Tuesday it acquired 40 supported housing properties spread across England for a combined GBP27.4 million.
The properties - totalling 216 units - include 69 units in the West Midlands, 39 units in the north-east and 30 units in the east of England. Also included are 29 units in the south-east of England, 21 units in the south-west and 14 units in the north-west.
Triple Point Social Housing entered into new full repairing and insuring leases - held by specialist housing associations - with respect to all of the completed properties for a minimum of 20 year, with the ability to extend to 25 years.
The leases for the properties will have annual, upward only rent reviews increasing in line with the UK consumer price index. The properties will provide a net initial yield in line with the investment criteria and returns profile at Triple Point Social Housing.
Shares in Triple Point Social Housing were 2.5% higher at 88.80 pence in London on Tuesday.
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