Rebecca Wayman

Triple Point Housing gains seven new properties worth £7.4m

The Board of Triple Point Social Housing REIT plc (Triple Point Housing) has announced that the group has contracted on seven properties, comprising 47 units, for an aggregate commitment of £7.4m, which excludes costs.

Of these, the group has completed acquisitions of five supported housing properties and exchanged contracts on one further supported housing property, comprising 29 units in total, for an aggregate purchase price of approximately £4.4m.

The properties are subject to new FRI leases for a period of 20 years with the ability to extend up to 25 years.

These leases are with specialists, Housing Associations; Inclusion Housing CIC and Westmoreland Supported Housing, which are registered providers.

These properties are immediately income generating from completion with a net initial yield - in line with the company’s investment criteria and returns profile.

Triple Point has also acquired the land and entered into its first forward funding arrangement to develop an 18 unit supported housing scheme for a total project cost of approximately £3m.

The business aim to accrue a coupon from the developer over the period of construction.

The property is pre-let to Westmoreland Supported Housing and, once practical completion of the works has been certified, it will enter into a new FRI lease with Westmoreland Supported Housing for a period of 20 years with the ability to extend to 30 years.

The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with the Consumer Prices Index (CPI).

The properties comprise of specialist, high quality homes built or refurbished for individuals with mental health and other support and care needs.

Following these transactions, the Group has deployed approximately £147m of the net proceeds from its IPO into the acquisition or funding of supported housing assets.

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