Business
Acquisitions update
Acquisitions update.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 4998T Triple Point Social Housing REIT 13 October 2017 \n\n13 October 2017\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 12 supported housing properties, comprising 75 units in total, for an aggregate purchase price of £10.5 million (excluding costs). The properties are located in Bournemouth (1), Durham (1), Newcastle (1) and Sunderland (9).\n \nThe Group has entered into new 20 year (or equivalent to) FRI leases for all the properties with the ability to extend to up to 25 year terms. These leases are with specialist Housing Associations, Auckland Home Solutions, Bespoke Supportive Tenancies and Falcon Housing Association, which are Registered Providers (regulated by the Homes and Communities Agency).\n \nThe rents received under the leases are subject to annual, upward only rent reviews, index-linked to the Consumer Prices Index (\"CPI\"). The properties comprise specialist, high quality homes developed for individuals with learning difficulties, physical and/or mental disabilities or other care needs. \n \nThe properties are immediately income generating with a net initial yield in line with the Company's investment criteria and returns profile.\n \nJames Cranmer, Managing Partner of Triple Point Investment Management LLP, commented:\n\"We are delighted to be working with a growing number of Housing Associations, which we expect to increase further. We have identified a significant number of additional assets which meet the requirements of the Company's Investment Objective and Investment Policy, and represent attractive potential investments for the Group. We look forward to announcing these in the near future.\"\n \nFOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:\n\n\n\n\nTriple Point Investment Management LLP (Delegated Investment Manager)\n\n\n(via Newgate below)\n\n\n\n\nJames Cranmer\n\n\n\n\n\n\n\nBen Beaton\n\n\n\n\n\n\n\nMax Shenkman\n\n\n\n\n\n\n\nJustin Hubble\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAkur Limited (Joint Financial Adviser)\n\n\nTel: 020 7493 3631\n\n\n\n\nTom Frost\n\n\n\n\n\n\n\nAnthony Richardson\n\n\n\n\n...