Business
Post-IPO update and Portfolio Acquisitions
Post-IPO update and Portfolio Acquisitions.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \nRNS Number : 6625P Triple Point Social Housing REIT 04 September 2017 \n\n4 September 2017\nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\nPOST-IPO UPDATE AND PORTFOLIO ACQUISITIONS\nThe Board of Triple Point Social Housing REIT plc (ticker: SOHO) (the \"Board\") is pleased to provide the following update on its activities following IPO,including portfolio acquisitions made by the Group.\n \nPost-IPO Update\n \nThe Company has progressed well since its successful IPO in early August, which was supported by a broad range of institutional investors as well as by Places for People Group, one of the UK's largest property and leisure management, development and regeneration companies.\n \nShortly following the IPO, the Group completed the acquisition of its seed portfolio of five supported housing assets at a purchase price of £17.9 million. The assets, which are located in Bloxham, Leeds, Newcastle, Rushden and Stoke, have each been leased to Inclusion Housing CIC as Registered Provider for an initial term of 20 years. Further details regarding the seed portfolio, and the terms upon which it was acquired, are set out in the Prospectus published by the Company on 20 July 2017.\n \nOn 14 August, the Company gave notice to HMRC of its intention to operate as a real estate investment trust for the purposes of Part 12 of the Corporation Tax Act 2010 (a \"REIT\").\n \nSecond portfolio acquistion\n \nThe Board is also pleased to announce that the Group has completed the acquisition of an additional portfolio of three supported housing assets, comprising 18 beds in total, for a purchase price of £3.0 million (excluding costs). The properties are located in Leeds, Leek and Wolverhampton.\n \nThe Group has entered into a new 20-year lease in respect of each of the three properties with specialist Housing Association, Westmoreland Supported Housing, which is a Registered Provider regulated by the Homes and Communities Agency.\n \nThe leases are indexed-linked to the Consumer Prices Index, and the Registered Provider is responsible for the costs of maintenance, repair, insurance and outgoings. The portfolio is immediately income generating with a net intial yield in line with the Company's invest...