The total value of the properties acquired by Triple Point comes to £14m
Triple Point Social Housing REIT (LON:SOHO) confirmed on Wednesday that it has completed the acquisition of ten supported housing properties.
Triple Point exchanged contracts on an additional two properties, bringing the total to 56 units at a cost of around £14m.
The properties are geographically diversified within the UK with 18 in the North West, 18 in Yorkshire and 20 in the South East.
For each property, Triple Point entered into a lease for at least 20 years with a regulated housing provider in order to provide long-term accommodation for the residents.
Triple Point uses private capital to acquire, or fund the development of, newly built or newly renovated housing in the community for people with long-term care needs whose rent is funded by government.
Max Shenkman, Head of Property Investment at Triple Point, said: “We are delighted to have acquired these supported housing properties to help provide accomodation in areas of high demand across the country.”
“We remain committed to investing in much-needed specialised supported housing designed to improve the wellbeing of people with long-term health needs, while saving the government money and generating resilient rental income. With a strong pipeline of acquisitions, we look forward to creating further positive impact in the months and years ahead,” said Shenkman.
Triple Point was one of three organisations that presented investment opportunities at February’s UK Investor Magazine Virtual Investor Conference.
The trust’s aim is to allow investors to get a solid long-term return while having a positive impact on society. Their mission is geared towards addressing the ongoing housing crisis by investing in the UK social housing sector.
The REIT supplies homes adapted to the needs of vulnerable adults who require long-term care and support. Triple Point Social Housing generates a long-term investment stream for investors from tenants whose rent is ultimately paid by the government.