12th Jun 2018 09:50
LONDON (Alliance News) - Triple Point Social Housing REIT PLC said Tuesday has acquired six mental health and other care needs properties in England for a combined GBP4.4 million.
The properties - totalling 27 units - include 10 units in the north east, five units in the south east, and four in the West Midlands. Three units are in East Anglia and the north east and two units in the south west.
Triple Point entered into new full repairing and insuring leases - held by specialist housing associations - with respect to each of property for a period of 20 years. Four of the properties have the option to extend by five years and the remaining two by 10 years.
The leases for both the acquired and forward funded property 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's investment criteria and returns profile.
The acquisitions will be funded from cash raised through its recent C share issue. In March, Triple Point raised GBP45 million through the issue of 47.5 million such shares.
Shares in Triple Point were down 0.4% at 107.12 pence on Tuesday.
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