Triple Point Social Housing REIT REVOLVING CREDIT FACILITY INCREASED TO GBP160MILLION (6255I)

TIDMSOHO

RNS Number : 6255I

Triple Point Social Housing REIT

15 December 2020

15 December 2020

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

REVOLVING CREDIT FACILITY INCREASED TO GBP160 MILLION

AND EXTENSION OF INITIAL MATURITY

The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that the Group has successfully secured an increase to its existing Revolving Credit Facility (the " RCF ") jointly provided by Lloyds Bank plc (" Lloyds ") and National Westminster Bank plc (" NatWest "). The RCF will increase from GBP130 million to GBP160 million (following the full utilisation of the existing GBP130 million in October this year).

The Group has simultaneously extended the RCF's initially agreed four-year term by a year to 20 December 2023. The term of the RCF may be extended by a further year, to 20 December 2024 (subject to the consent of the lenders).

Triple Point Investment Management LLP, the Group's Investment Manager, continues to identify attractive investment opportunities for the Group's pipeline. Consequently, the increase of the RCF will provide the Group with additional committed capital at an attractive margin of 1.85 per cent per annum over 3-month LIBOR , to help finance the acquisition and development of specialised supported housing assets from its pipeline.

As at 30 September 2020, the aggregate borrowings drawn represented 32.9 per cent of the Group's gross asset value. When fully drawn the RCF will represent a loan-to-value ("LTV") of 40 per cent secured against a defined portfolio of the Group's specialised supported housing assets located throughout the UK which are held in a wholly owned Group subsidiary.

Chris Phillips, Chairman of Triple Point Social Housing REIT plc, said:

"We are delighted to have been able to secure an increase to the Group's RCF. This demonstrates the continued support of Lloyds and NatWest to the Group and is reflective of the operational and financial resilience that our portfolio has demonstrated this year. The RCF offers the Group a high degree of flexibility and will enable us to provide more homes to some of the most vulnerable members of our society."

Gowling WLG acted as legal adviser to the Group.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 Triple Point Investment Management       Tel: [phone] 
  LLP 
  (Investment Manager) 
 Ben Beaton 
 Max Shenkman 
 Isobel Gunn-Brown 
 
 Akur Capital (Joint Financial Adviser)   Tel: [phone] 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 
 Stifel (Joint Financial Adviser          Tel: [phone] 
  and Corporate Broker) 
 Mark Young 
 Mark Bloomfield 
 Rajpal Padam 
 

The Company's LEI is 213800BERVBS2HFTBC58.

Further information on the Company can be found on its website at www.triplepointreit.com .

NOTES:

The Company invests in primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-linked, long-term (typically from 20 years to 30 years), Fully Repairing and Insuring ("FRI") leases with Approved Providers (being Housing Associations, Local Authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to an FRI lease with an Approved Provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.

There is increasing political pressure and social need to increase housing supply across the UK which is creating opportunities for private sector investors to help deliver this housing. The Group's ability to provide forward funding for new developments not only enables the Company to secure fit for purpose, modern assets for its portfolio but also addresses the chronic undersupply of suitable supported housing properties in the UK at sustainable rents as well as delivering returns to investors.

The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.

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December 15, 2020 02:00 ET (07:00 GMT)