Triple Point Social Housing REIT Sale of Four Properties (0138L)
01 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMSOHO
RNS Number : 0138L
Triple Point Social Housing REIT
01 September 2023
1 September 2023
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
Sale of Four Properties
Further to the Company's trading update announcement on 3
February 2023 (RNS: 8064O), the board of Triple Point Social
Housing REIT plc (the "Board") is pleased to announce the
completion of the sale of four specialised supported housing
properties (the "Sale Portfolio") for an aggregate consideration of
GBP7,586,600 to a private UK real estate investment firm. The
aggregate consideration for the Sale Portfolio reflects a gain of
GBP663,136 (9.6%) against the aggregate purchase price (excluding
transaction costs) and is principally in line with the portfolio's
book value of c.GBP7,870,000 as at 30 June 2023.
The Sale Portfolio comprised properties located across four
Local Authorities and contained a range of property types, lessees
and care providers. As at 30 June 2023, the blended NIY of the Sale
Portfolio was 5.75% and the WAULT was 19.3 years.
Following the publication of the Group's interim results on 7
September 2023 and feedback from shareholders, the Board will
determine the best use of the sale proceeds, which may include the
repayment of debt and/or the return of capital to shareholders
through further share buybacks.
CBRE Limited acted for th e Group in respect of the
transaction.
Chris Phillips, Chair of the Group, said:
"The Board is very pleased to have completed the sale of this
portfolio of properties for a gain against purchase price and
principally in line with its book value. The sale demonstrates
continued liquidity, and the resilience of valuations in the
specialised supported housing sector."
ENDS.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser Tel: 020 7710 7600
and Corporate Broker)
Mark Young
Rajpal Padam
Madison Kominski
Brunswick Group (Financial PR Adviser) Tel: 020 7404 5959
Nina Coad
Diana Vaughton
Mara James
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com .
NOTES:
The Company invests in primarily newly developed social housing
assets in the UK, with a particular focus on supported housing. The
majority of the assets within the portfolio are subject to
inflation-linked, long-term, Fully Repairing and Insuring ("FRI")
leases with Approved Providers (being Housing Associations, Local
Authorities or other regulated organisations in receipt of direct
payment from local government). The portfolio comprises investments
into properties which are already subject to a lease with an
Approved Provider, as well as forward funding of pre-let
developments but does not include any direct development or
speculative development.
There is increasing political pressure and social need to
increase housing supply across the UK which is creating
opportunities for private sector investors to help deliver this
housing. The Group's ability to provide forward funding for new
developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents as well as delivering returns to
investors.
The Company is a UK Real Estate Investment Trust ("REIT") listed
on the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE EPRA/NAREIT
index.
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END
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