Business
Portfolio Update - Falcon Housing Association
Portfolio Update - Falcon Housing Association.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2299S\n Triple Point Social Housing REIT\n 12 November 2021\n \n \n \n \n 12 November 2021\n \n \n \n \n \n Triple Point Social Housing REIT plc\n \n \n (the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n Portfolio Update - Falcon Housing Association\n \n \n \n \n \n The 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 Falcon Housing Association (\"Falcon\"). This follows the Regulator's ongoing review of the specialised supported housing sector which the Board welcomes, bringing as it does, higher levels of accountability and transparency.\n \n \n \n \n \n Falcon, a registered provider focused on the supported housing sector, has recently been subject to a review by the Regulator, resulting in Falcon being deemed non-compliant with regards to elements of the Governance and Financial Viability Standard. This reflects the Regulator's desire to see Falcon demonstrate improvement in the areas of business planning and risk management. As Falcon had fewer than 1,000 social housing units under management based on the most recent statistical data return, no formal rating was given by the Regulator. \n \n \n \n \n \n The Group has 65 assets leased to Falcon, the aggregate value of which, as at 30 September 2021, was £61.8 million. Falcon represents 10.3 per cent of the Group's current portfolio value and 10.3 per cent of the Group's rent roll. All rent payable under the leases with the Group continues to be paid in full.\n \n \n \n \n \n The \n Group's investment manager, Triple Point Investment Management LLP (the \"Manager\") \n has an established relationship with Falcon and is in regular dialogue with the housing association, particularly with regard to the regulatory review. The Company notes that the board of Falcon has ongoing engagement with the Regulator and is currently taking active steps to address the Regulator's concerns.\n \n \n \n \n \n The Manager, has liaised with the Group's independent valuer, Jones Lang LaSalle Limited, who has confirmed that there should be no material impact on the value of the Group's property portfolio as a result of the \n Regulatory Notice\n .\n \n \n \n \n \n...