Triple Point Social Housing REIT In GBP200 Million C Share Placing (ALLISS)

LONDON (Alliance News) - Triple Point Social Housing REIT PLC proposed Thursday to raise up to GBP200 million through a C share issue as it prepares to migrate to the main market of the London Stock Exchange.

The real estate investment trust will seek to raise the funds through a placing, open offer and subscription to convertible, non-voting preference C Shares at a price of 100 pence each. The company anticipates the C shares to be converted by the end of 2018 after the deployment of the funds.

Under the offer, eligible shareholders will be allowed to subscribe to 133.3 million shares on a pro rata basis. For every three ordinary shares held, shareholders will be able to purchase two C shares.

The C shares will have a right to participate in a fixed 3% dividend up to the point of conversion. Admission is expected on March 27.

Earlier in March, Triple Point Social Housing said that - after its most recent property investments - it had invested GBP179.2 million including purchase costs on the acquisition or forward funding of 148 regulated supported housing assets. As a result, it had largely invested the proceeds it raised through its August 2017 initial public offering and thus seeking further funds for investment.

Triple Point Social Housing raised GBP200 million through its initial public offering in August 2017. By the end of 2017, it had invested GBP130.1 million of the IPO proceeds in assets.

Earlier in February, Triple Point Social Housing invested GBP18.1 million in the acquisition of twelve support housing properties including GBP3.1 million on forward-funding a new development.

On Wednesday, Triple Point Social Housing said it still had a potential pipeline of investments valued in excess of GBP400 million which could be acquired by the firm over the next twelve months. The company expected this pipeline to increase.

The property company also added it considered it in the "best interests" of shareholders to migrate the firm to the premium segment of the official list of the UK listing authority.

As a result, Triple Point Social Housing will seek to enter the main market of the London Stock Exchange on the same day as admission of the C shares is expected. The company emphasised, however, the placing and migration are independent and not conditional on one another.

Shares in Triple Point Social Housing were 0.6% lower at 99.92 pence on Wednesday.