You are viewing 1 of your 1 free articles
Triple Point to tap investors as demand for supported housing grows
Triple Point Social Housing REIT is to tap its shareholders for new equity to continue investing in homes aimed at tenants with care needs.
The company said that it was looking to raise an as-yet undisclosed amount of cash from its investors, having already spent £47.5m of equity that it raised earlier this year. It is also close to spending £68.5m of debt, which it raised from a US investor in July.
Triple Point partners with developers to fund the building of homes aimed primarily at young adults with care needs. It works with registered providers including Falcon Housing Association and Lifeways, enabling local authorities to reduce their waiting lists for supported housing.
Demand is such that the company’s management said there is scope for further investment. The company said it had identified a £400m pipeline of supported housing properties that it could acquire in the next year. It works across 69 local authority areas where it has identified need for supported housing, but suggested that this could expand if opportunities arose.
Triple Point’s results for the six months to the end of June, which were published on Friday, showed that it owned 167 schemes at the end of the half-year period.
During the six-month period, it acquired 51 properties, and since the end of June has acquired 41 more.
It paid its shareholders 2.25p of dividends during the past quarter, and the company said it is on track to pay a dividend of 5p for the year.
Christopher Phillips, the firm’s chairman, said: “The market fundamentals remain strong and are demonstrated by stark undersupply and strong central and local government support for supported housing. We are therefore optimistic about the performance of our existing portfolio and our ability to deliver on the pipeline of assets that have already been identified for 2018.”
