Triple Point portfolio tops £300m
Triple Point Social Housing REIT’s portfolio hit £323.5m in its first full-year results after its IPO.
The social housing provider saw portfolio value soar, after a series of acquisitions on top of valuation increases.
Triple Point reported a 6.89% uplift against invested funds of £302.6m. Its NAV per share increased by 2.79%.
Triple Point Social Housing REIT’s portfolio hit £323.5m in its first full-year results after its IPO.
The social housing provider saw portfolio value soar, after a series of acquisitions on top of valuation increases.
Triple Point reported a 6.89% uplift against invested funds of £302.6m. Its NAV per share increased by 2.79%.
Its assets are fully occupied, driving an annual rental income of £17.4m, with a yield of 5.25%.
Triple Point completed two equity raises totalling £155.7m and two debt facilities with combined finance of £138.5m.
Chairman Christopher Phillips said: “Using these funds we continued our strategy of acquiring and managing a portfolio of high-quality new-build or renovated supported housing properties across the UK, working with proven counterparties in areas of known demand.”
During the year the REIT invested £170.8m acquiring 156 buildings with 1,059 units as it sought to diversify its portfolio.
It has added 11 regions and 109 local authorities to its reach.
Phillips added: “The market remains attractive due to the cost-savings supported housing provides local authorities, the higher quality of accommodation provided to residents of supported housing, and the lack of alternative funding sources for the development of new schemes.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
