x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

 Triple Point Social Housing buys assisted living properties

Triple Point Social Housing has announced it has completed the acquisition of £14 million of specialised supported housing properties across the UK.

The acquisition covers ten supported housing properties and exchanged contracts on a further two properties which comprise of 56 individual units, for an aggregate cost of £1 million. The properties are in the North West (18 units), Yorkshire (18 units) and the South East (20 units).

Properties in the acquisition

Advertisement

Triple Point are a London-based firm that seeks to address housing issues in the UK by investing in the housing sector and providing properties for vulnerable adults.

The properties supplied by the acquisition are specialist homes for individuals with mental health and other care needs. Triple Point is entering the properties into a lease for at least 20 years with a specialist housing provider to arrange long-term accommodation for the residents. The housing providers include Blue Square Residential, Chrysalis Supported Housing and Independent Housing.

The rent for the leases will be subject to yearly, upward only rent reviews and will increase in line with the Consumer Price Index. The properties generate net initial yields in line with Triple Point’s current portfolio.

Private capital is used by Triple Point to acquire the development of newly built and renovated housing for people with long-term care needs whose rent is funded by the government. At present, Triple Point’s portfolio has more than 450 properties providing homes for over 3,000 residents.

Max Shenkman, head of property investment at Triple Point, commented: “We are delighted to have acquired these supported housing properties to help provide accommodation in areas of high demand across the country. We remain committed to investing in much-needed specialised supported housing designed to improve the wellbeing of people with long-term health needs while saving the government money and generating resilient rental income.  With a strong pipeline of acquisitions, we look forward to creating further positive impact in the months and years ahead.” 

icon

Please login to comment

MovePal MovePal MovePal
sign up