Triple Point Social Housing buys three supported housing properties

The Board of Triple Point Social Housing has completed the acquisition of three supported housing properties, it emerged on Friday.

The properties, said to be "immediately income generating", were bought for an aggregate purchase price of approximately £7.1m in Leicester, Manchester and Wolverhampton.

The company also entered into new FRI leases, with specialist Housing Associations, Hilldale Housing Association and Chrysalis Supported Association, in respect of each of the properties, two of the 20 years with the ability to extend to 25 years and one of 25 years.

Rents obtained under the leases were reportedly subject to annual, upward only rent reviews, increasing in line with the Consumer Price Index.

The properties are immediately income generating with a net initial yield in line with the Company's investment criteria and returns profile.