Investment Update to 31 December 2017
4 January 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
INVESTMENT UPDATE TO 31 DECEMBER 2017
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to provide the following update on its investment activity for the period from IPO on 8 August 2017 to 31 December 2017.
The Company made a number of investments and in doing so has created a portfolio of regulated supported housing assets:1
|
Funds invested (excluding purchase costs) |
£130.1 million |
|
Number of properties |
115 |
|
Number of leases with Approved Providers* |
65 |
|
Approved Providers with whom the Company has leases |
11 |
*The portfolio is 100% let or pre-let. Some leases cover multiple properties.
The portfolio is also geographically diverse, currently spread across the following regions of England:
|
North West |
38.7% |
|
North East |
18.7% |
|
West Midlands |
14.6% |
|
East Midlands |
8.8% |
|
Yorkshire |
7.8% |
|
South |
4.9% |
|
South East |
3.8% |
|
London |
2.6% |
Percentages based on funds invested (excluding purchase costs).
The Company's delegated investment manager, Triple Point Investment Management LLP ("Triple Point"), has developed partnership programmes with a number of specialist vendors in the sector. Through these relationships, Triple Point has secured an attractive near-term off-market pipeline of more than 105 additional properties worth over £145 million that are allocated to the Company, on which it expects to contract over the next four months.
In addition, Triple Point continues to evaluate potential portfolio acquisitions and forward funding opportunities through its network of contacts, which primarily spans Registered Providers and developers, as well as investors working in the sector.
Chris Phillips, Chairman of the Company, commented:
"The Company has made an encouraging start, deploying £130.1 million of the IPO proceeds to date in assets which afford both high quality accommodation to some of the most vulnerable people in our society and the opportunity for long-term value creation to the Company's shareholders.
The Company will pay a dividend of 1p per share in respect of the period to 31 December 2017, and remains on track to deliver a 5p per share dividend in respect of its first full financial year to 31 December 2018.2"
Note:
1 Figures to 31 December 2017.
2 This target dividend is a target only and not a profit forecast. The Company's ability to distribute dividends on an annual basis will be determined by the existence of realised profits, legislative requirements, and available cash reserves. There is no certainty as to any level of dividends. The dividend targets may not be achieved, and all dividend payments are subject to the Company having adequate distributable reserves and cash reserves.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
|
Triple Point Investment Management LLP (Delegated Investment Manager) |
(via Newgate below) |
|
James Cranmer |
|
|
Ben Beaton |
|
|
Max Shenkman |
|
|
Justin Hubble |
|
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|
|
Akur Limited (Joint Financial Adviser) |
Tel: 020 7493 3631 |
|
Tom Frost |
|
|
Anthony Richardson |
|
|
Siobhan Sergeant |
|
|
|
|
|
Canaccord Genuity Limited (Joint Financial Adviser and Corporate Broker) |
Tel: 020 7523 8000 |
|
David Yovichic |
|
|
Lucy Lewis |
|
|
Denis Flanagan |
|
|
|
|
|
Newgate (PR Adviser) |
Tel: 020 7680 6550 |
|
James Benjamin |
|
|
Anna Geffert |
|
|
Lydia Thompson |
|
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 social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio will typically be subject to inflation-adjusted, long-term (from 20 years to 25 years), Fully Repairing and Insuring ("FRI") leases with Registered Providers. The portfolio will comprise investments into properties which are already subject to an FRI lease with a Housing Association, Local Authority or other regulated organisation, as well as forward funding of pre-let developments but will not include any direct development or speculative development.
There is increasing political and financial pressure on Housing Associations to increase their housing delivery and this is creating opportunities for private sector investors to participate in the market. The Group's ability to provide forward financing 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 and delivering returns to investors.
Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager).
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 operates as a UK Real Estate Investment Trust.
This information is provided by RNS
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