Triple Point Social Housing REIT LSE IPO

Overview:

• Triple Point Social Housing REIT has undertaken an IPO on the LSE.
• The offering placed 200 million shares at 100p per share but the offering was oversubscribed, forcing Triple Point to scale back and accept the maximum amount available under the issue.
• The trust focuses on supported housing, investing in assets that have inflation-linked long-term leases.
• Canaccord Genuity acted as global coordinator and bookrunner.
• The fund has also agreed to buy a seed portfolio of five supported housing assets from Pantechnicon Capital – a company within the Triple Point group – for £17.9 million. The seed portfolio is expected to produce a net initial yield of 6% based on the purchase price.
• It is also planning a 5p dividend for its first financial year, ending 31 December 2018, that will then increase in line with inflation.
• Triple Point’s trust is the third REIT flotation in this area, following Civitas Social Housing and Residential Secure Income.
• Akur acted alongside Canaccord as joint financial adviser.

Patrick Martinez-Brown - Journalist