4th Mar 2019 11:25
LONDON (Alliance News) - Triple Point Social Housing REIT PLC said Monday it acquired ten supported housing properties and entered into a forward funding deal for another property for a combined GBP12.8 million.
The properties and projects - totalling 84 units - include 39 units in the north west of England, 28 units in the West Midlands, eight units in the south east of England, five units in the east midlands and four units in the south of England.
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 an initial 20 years. These leases have the ability to be extended.
Triple Point Social Housing will also enter into a minimum 20 year full repairing and insuring lease for the forward-funded project once completed. This lease would also be able to be extended.
The leases for the properties - including that to be entered into - 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 Triple Point Social Housing's investment criteria and returns profile.
Shares in Triple Point Social Housing were 0.5% higher at 102.00 pence on Monday.
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