Last checked at 
20 May 2019 17:27
20 May 2019
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
Portfolio update - Westmoreland Supported Housing Association
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) notes the Regulatory Notice published today by the Regulator of Social Housing (the "Regulator") in relation to Westmoreland Supported Housing Association ("Westmoreland") which follows on from the Regulatory Judgement published on 30 November 2018.
The Regulatory Notice focuses on consumer standards in respect of a discrete portfolio of assets leased by Westmoreland in relation to which the Regulator has continued to engage with Westmoreland following the original Regulatory Judgement.
Whilst none of the assets in the portfolio in question are owned by the Group, the Company notes that Westmoreland is taking steps to address the concerns raised by the Regulator.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP (Delegated Investment Manager) | Tel: 020 7201 8976 |
James Cranmer | |
Ben Beaton | |
Max Shenkman | |
Justin Hubble | |
Canaccord Genuity Limited (Joint Financial Adviser and Corporate Broker) | Tel: 020 7523 8000 |
Lucy Lewis | |
Denis Flanagan | |
Andrew Zychowski | |
Akur Limited (Joint Financial Adviser) | Tel: 020 7493 3631 |
Tom Frost | |
Anthony Richardson | |
Siobhan Sergeant |
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 primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), 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 an FRI lease with an Approved Provider, as well as forward funding of pre-let developments but does 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 as well as 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 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.