Triple Point Social Housing REIT expects all of its new site developments to continue, despite the likely delays caused to some by the ongoing impact of the coronavirus pandemic.
The firm, which provides housing for individuals with care needs, said in a stock exchange update that three developments with a gross development value of £7.2m have completed so far this year, with another due to complete imminently and seven more under way.
The REIT’s investment manager, Triple Point Investment Manager, “remains confident that all ongoing schemes will complete successfully, albeit in some instances over an extended timeframe reflective of the fact that it is difficult to have full construction teams on site in the current circumstances”, the REIT said.
Triple Point has received 98% of quarterly rent with the remainder due “over the next few days”, it said in the update.
The investment manager said the “essential and long-term nature” of the REIT’s care home provision means it should be able to withstand the disruption caused by Covid-19.
“The board is reassured that the government has put supporting vulnerable people at the top of the political and financial agenda as they tackle the current disruption and impact on the nation’s health,” the firm added.
Triple Point has undrawn loans and cash totalling £43.8m.
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