28th Nov 2018 11:51
LONDON (Alliance News) - Triple Point Social Housing REIT PLC said Wednesday it has acquired five supported housing properties in the UK for an aggregate GBP4.6 million, excluding costs.
The five properties - which are refurbished for individuals with mental health and other support and care needs - comprise of 28 units in total, with 12 units in the West Midlands, 10 units in Yorkshire, 3 units in the East Midlands and 3 units in the South.
Triple Point entered into new full repair and insurance leases for each of the properties for a minimum period of 20 years, with the ability to extend to 25 years.
The leases are with specialist housing associations which Triple Point has contracted before - Chrysalis Supported Association, Hilldale Housing Association and Inclusion Housing.
The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.
Triple Point said the properties will generate net initial yields in line with its investment criteria and returns profile.
Shares in Triple Point Social Housing REIT were down 1.9% Wednesday at 103.00 pence each.
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