6th Sep 2018 12:23
LONDON (Alliance News) - Triple Point Social Housing REIT PLC said Thursday that it has acquired GBP6.2 million worth of five supported housing properties and land, excluding costs.
The real estate investment trust said that it has entered into new fully repairing and insuring leases with Chrysalis Supported Association, Flacon Housing Association and Hilldale Housing Association for the properties. The leases will last for a minimum of 20 years with an option to extend to 25 years.
The rents received will be subject to annual upwards-only reviews in line with the UK consumer price index. The company has also forecast that the generated net initial yields will be in line with their investment criteria and returns profile.
Triple Point supported the development of another supported housing scheme, with a total of 38 houses. The properties, which largely cater to individuals with mental health and other support needs, are located in the North West, Yorkshire, the West Midlands, the East Midlands, the South West and the South East.
Triple Point shares were trading down 1.9% at 106.00 pence on Thursday.
The company said its delegated investment manager, Triple Point Investment Management LLP, has been engaged in discussions regarding various assets that are of interest to the company. In light of this Triple Point said it anticipates having invested the proceeds of the recent July debt raise by the end of October, and thus expects to publish an updated prospectus in mid-September with new information on issuing equity.
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