Triple Point acquires 51 supported housing units

Real estate investment trust Triple Point Social Housing exchanged contracts on one supported housing property and completed the acquisition of two more on Friday.

The deals cover a total of 51 units located in the North of England and the East Midlands at an average commitment of £6.7m.

Triple Point said the properties would immediately generate net initial yields in line with its investment criteria and returns profile.

The group also revealed that it had entered into a forward funding arrangement in respect of a further supported housing scheme after acquiring a vacant block of land.

Triple Point entered into a new FRI lease for a minimum period of 20 years with the ability to extend to 25 years, with specialist housing associations, Auckland Home Solutions and Inclusion Housing.

In relation to the exchanged asset, Triple Point reached an agreement for lease in place and will enter into a new FRI lease with My Space Housing Solutions on completion of the acquisition, also for a period of 20 years.

Similarly, on practical completion of the forward funded asset, Triple Point will enter into a new 20-year FRI lease with Inclusion Housing, this time with an option to extend for a further two years.

Rents received under the leases will subject to annual, upward-only rent reviews, increasing in line with the Consumer Prices Index.

As of 1230 BST, Triple Point shares were untraded on 107p.