(Alliance News) - Triple Point Social Housing REIT PLC said Thursday it acquired four supported housing properties and entered into a forward funding deal for another property for a combined GBP7.7 million.
The properties and projects - totalling 46 units - include 34 units in the north west of England and 12 units in the East Midlands.
Triple Point Social Housing entered into new full repairing and insuring leases - held by specialist housing associations - with respect to all of the completed properties for between 20 and 25 years.
Triple Point Social Housing will enter into a minimum 20 year full repairing and insuring lease for the forward-funded project once completed. This lease would be able to be extended to up to 30 years.
The leases for the properties - including that to be entered into - will have annual, upward only, rent reviews increasing in line with the UK consumer price index. The properties will provide a net initial yield in line with Triple Point Social Housing's investment criteria and returns profile.
Shares in Triple Point Social Housing were 0.4% lower at 82.87 pence on Thursday.
Triple Pnt Soc (SOHO)