Business
Portfolio update: Encircle Housing
Portfolio update: Encircle Housing.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 8136V Triple Point Social Housing REIT 10 April 2019 \n\n10 April 2019\n \nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\nPortfolio update - Encircle Housing\n \nThe Board of Triple Point Social Housing REIT plc (ticker: SOHO) notes the Regulatory Notice published today by the Regulator of Social Housing (the \"Regulator\") in relation to Encircle Housing (\"Encircle\").\n \nEncircle, a registered provider focused on the supported housing sector, has 112 tenanted social housing units under management (as at 31 December 2018) and has recently been subject to a review by the Regulator, resulting in Encircle being deemed non-compliant with the governance and viability elements of the Governance and Financial Viability Standard. As Encircle had fewer than 1,000 social housing units under management according to its last statistical return, no formal rating was given by the Regulator. \n \nThe Company has two assets leased to Encircle, the aggregate value of which, as at 31 December 2018, was £2.98 million, representing 0.82% of the Group's net asset value. One asset has 5 out of 6 units occupied and occupancy for the other is still ramping up following the recent completion of works. Both assets are of a high quality and are covered by voids agreements, and the rent payable under the leases with the Company continues to be paid.\n \nThe Company's delegated investment manager, Triple Point Investment Management LLP (the \"Manager\"), has an established relationship with Encircle and has been in regular dialogue with it, particularly with regard to the regulatory review. The Company notes Encircle has ongoing engagement with the Regulator and is currently taking steps to address the Regulator's concerns. \n \n \nFOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:\n\n\n\nTriple Point Investment Management LLP \n(Delegated Investment Manager)\n\n\nTel: 020 7201 8976\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\nCanaccord Genuity Limited (Joint Financial Adviser and Corporate Broker)\n\n\nTel: 020 7523 8000\n\n\n\n\nLucy Lewis\n\n\n\n\n\n\n\nDenis Flanagan\n\n\n\n\n\n\n\nAndrew Zychowski\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n...