Fast rising REIT Triple Point Social Housing has spent more £21m over the past month to date on new acquisitions.
The latest buy saw six supported housing properties – 88 units in total located in Lancashire and Sussex – purchased for an aggregate price of approximately £10.7m excluding costs.
The group has entered into new FRI leases in respect of each of the properties for a period of 20 years with the ability to extend to 25 years.
These leases are with specialist housing associations, My Space Housing Solutions, Falcon Housing Association and Auckland Home Solutions.
Rents received under the leases are subject to annual, upward only rent reviews, increasing in line with Consumer Prices Index.
The properties comprise specialist, high quality homes refurbished for individuals with mental health and other support and care needs – they are immediately income generating with a net initial yield in line with the company’s investment criteria and returns profile.
Earlier this month, Triple Point completed the acquisition of three supported housing properties – comprising 28 units in total across Lancashire and Merseyside – for an aggregate purchase price of approximately £4.1m excluding costs.
The new FRI leases are with specialist housing associations Westmoreland and My Space Housing Solutions.
Late last month Triple Point paid £7.1m for three supported housing properties – 52 units in Leicester, Manchester, and Wolverhampton – entering new FRI leases with Hilldale Housing Association and Chrysalis Supported Association.