Business
Acquisition Update
Acquisition Update.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 1075F Triple Point Social Housing REIT 25 October 2018 \n\n25 October 2018\nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\nACQUISITIONS UPDATE\nThe Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that the Group has completed the acquisition of ten supported housing properties, acquired the land and entered into forward funding arrangements to develop another supported housing scheme and exchanged contracts on one further supported housing property, comprising 87 units in total, for an aggregate commitment of £12.6 million (excluding costs). The properties are located in the North West (45 units), the South West (25 units), the East Midlands (9 units), the West Midlands (4 units) and the South East (4 units).\n \nThe Group has entered into new FRI leases in respect of each of the properties (other than the exchanged and forward funded assets) for a minimum period of 20 years with the ability to extend to 25 years. These leases are with specialist housing associations, Falcon Housing Association, Hilldale Housing Association and Sunny Vale Supported Accommodation (a new tenant that adds further diversification to the Group's portfolio). \n \nIn relation to the exchanged and forward funded assets, the Group will enter into new FRI leases with Auckland Home Solutions and Hilldale Housing Association on practical completion of each scheme, for a period of 20 years with the ability to extend to 25 years. All the housing associations are regulated by the Regulator of Social Housing.\n \nThe rents received under the leases are (or will be, in the case of the exchanged and forward funded assets) subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index. \n \nThe properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs. \n \nThe properties will (immediately or on completion of the acquisitions) generate net initial yields in line with the Company's investment criteria and returns profile.\n \nFOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:\n\n\n\nTriple Point Investment Management LLP\n(Delegated Investment Manager)\n\n\n(via Newgate below)\n\n\n\n\nJames Cranmer\n\n\n\n\n\n\...