Triple Point finalises acquisitions of 12 new assisted living properties
London-based real estate investment trust Triple Point Social Housing added a further 12 supported housing properties to its portfolio, all of which were immediately income generating.
Comprising of 75 units in total, the properties had an average price of £10.5m before costs and were located in Bournemouth, Durham, Newcastle and Sunderland.
Triple Point signed 20-year fully repairing and insuring (FRI) leases with multiple housing associations, including Auckland Home Solutions, Bespoke Supportive Tenancies and Falcon Housing Association, all of which provide high-quality homes for individuals with learning difficulties, physical and/or mental disabilities and other care needs.
The REIT said that income generated from the leases would be subject to upward rent reviews only and were index-linked to the Consumer Prices Index (CPI).
James Cranmer, a managing partner of Triple Point, said, "We are delighted to be working with a growing number of Housing Associations, which we expect to increase further."
"We have identified a significant number of additional assets which meet the requirements of the company's Investment Objective and Investment Policy, and represent attractive potential investments for the group," he added.
As of 0935 BST, shares had nudged forward 0.12% to 102.12p.