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Triple point closes triple buy

By James Buckley - Monday, February 05, 2018 10:06

Triple Point Social Housing REIT has completed the acquisitions of three supported housing properties, comprising 20 units in total, for an aggregate purchase price of £3.6m. The properties are located in Berkshire (six units), County Durham (six units) and Lanacashire (eight units).

The group has entered into new FRI leases in respect of each of the properties for a period of 20 years with the ability to extend to 25 years. These leases are with specialist Housing Associations, Auckland Home Solutions CIC, Bespoke Supportive Tenancies Limited and Encircle Housing, which are Registered Providers (regulated by the Regulator for Social Housing).

The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with the Consumer Prices Index. The properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs.

The properties are immediately income generating with a net intial yield in line with the company’s investment criteria and returns profile.

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