Independent Review of IM Arrangements - Outcome
30 September 2024
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
INDEPENDENT REVIEW OF INVESTMENT MANAGEMENT ARRANGEMENTS - OUTCOME
Further to the announcement on 13 September 2024, the Board of Triple Point Social Housing REIT plc (ticker: SOHO) announces that after careful consideration it has selected Atrato Partners Limited ("Atrato") to be appointed as the Company's new investment manager.
The appointment of Atrato is subject to agreeing a new investment management agreement (the "New IMA"). The key terms of the New IMA will be announced in due course, however the Board is satisfied that the New IMA will deliver significant cost savings whilst maintaining the existing high levels of service provision.
The formal transition of the investment management services from Triple Point Investment Management LLP ("Triple Point") to Atrato is expected to occur in January 2025.
In the interim period, the Board and Atrato will work collaboratively with Triple Point, and the Group's other advisers and stakeholders, to affect an orderly transition of services. In particular, the transition period will focus on ensuring that the welfare of the residents of the Group's properties is prioritised, operational performance is preserved and that progress with ongoing corporate initiatives is maintained, as appropriate.
Chris Phillips, Chair of Triple Point Social Housing REIT plc, commented:
"The Board would like to thank Triple Point for their support and the consistent operational performance of the Company since IPO. Triple Point's commitment has been reflected in the constructive approach taken to the independent review of investment management arrangements and the proposed transition of services to Atrato."
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
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Triple Point Social Housing REIT plc |
Via Brunswick Group |
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Chris Phillips |
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Akur Limited (Financial Adviser) |
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Siobhan Sergeant |
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Tom Frost |
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Brunswick Group (Financial PR Adviser) |
Tel: 020 7404 5959 |
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Nina Coad |
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Robin Wrench |
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Mara James |
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The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website at www.triplepointreit.com.
NOTES:
About the Company
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.
The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.
About Atrato
Atrato Group (together with its subsidiaries, "Atrato") is an alternative investment management and advisory group specialising in long term investment strategies that provide stable, predictable, non-cyclical returns. Atrato advises, arranges and makes principal investments across the asset backed long income spectrum.
Atrato was established in 2016 by Ben Green and Steve Windsor to leverage their long-standing real estate, infrastructure and corporate finance experience to develop a range of investment strategies for investors.
Atrato is the UK's leading investment specialist in supermarket real estate. Atrato is the investment adviser to Supermarket Income REIT plc, the only REIT dedicated to European grocery property.
Atrato is the investment adviser to Atrato Onsite Energy plc, the only Investment Trust dedicated to UK commercial onsite energy generation.
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