Triple Point Social Housing commits almost £180m to several property acquisitions

The board of Triple Point Social Housing REIT plc has announced that, following its most recently announced transactions, the group has committed £179.2m (including purchase costs) to the acquisition or forward funding of properties.

This includes a current portfolio of 148 regulated supported housing assets (including forward funded assets and those acquisitions which have been exchanged but not yet completed).

As a result, the group has now substantially invested the net proceeds raised from its IPO in August 2017.

The company’s delegated investment manager, Triple Point, has access to a significant pipeline of further potential investments and is currently engaged in discussions with various parties in relation to a number of assets that meet the company’s investment criteria.

In order to capitalise on these opportunities, the company is exploring additional equity and debt funding opportunities.

The board intends to raise up to £200m through the issue of C shares via a pre-emptive open offer as well as a placing and offer for subscription.

Triple Point is also in discussions to put in place a bilateral term facility for the group with an institutional lender secured over a specific pool of the group’s existing assets.

It is currently expected that the debt facility will be entered into in April 2018 and further details regarding any such debt facility will be notified at the appropriate time.

The company is said to announce its audited results for the period ended December 31, 2017 on Friday, March 2 2018.

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