A social housing investment company is planning to list on the London Stock Exchange in August with a £200m IPO.
Triple Point Social Housing REIT will target social housing assets in the UK, with 80% of its portfolio focused on supported-housing properties, which provide accommodation for older or vulnerable people.
The company has agreed to buy a seed portfolio of five supported housing assets from Pantechnicon Capital for £17.9m, subject to its admission. It plans to deploy the rest of its raised capital within nine months of its IPO.
Assets in the company will be subject to inflation-linked, long-term leases, and it is expecting a 5% dividend in the first full financial year.
The REIT will be managed by Triple Point Investment Management, which is part of Triple Point Group, an investment firm with £470m of assets under management.
Chris Phillips, chairman of Triple Point Social Housing REIT, said: “There is increasing political and financial pressure on housing associations to increase their housing delivery and this is creating opportunities for private sector investors to participate in the market.
“Our ability to provide forward financing for new developments is critical to securing deal flow for the company while addressing the key structural issues in the UK – chronic undersupply of suitable supported housing properties.”
Results of the issue will be announced on 4 August.
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