Triple Point secures £20.9m seed portfolio, eyes future acquisitions

Triple Point Social Housing released a trading update on Monday regarding the group's activities since its initial public offering (IPO) in August.

Following the IPO, Triple Point completed the £17.9m acquisition of its seed portfolio, including five supported housing assets across Bloxham, Leeds, Newcastle, Rushden, and Stoke, all of which had been leased to Inclusion Housing for an initial term of 20 years.

Triple Point's board also announced it had completed the acquisition of an additional portfolio of three supported housing assets for a purchase price of £3m at locations in Leeds, Leek and Wolverhampton with 20 year leases signed at those properties with Westmoreland Supported Housing.

The portfolio was said to be immediately income generating with an initial net yield in line with Triple Point's investment criteria and returns profile.

Opportunities for further acquisitions were said to be in the pipeline as the company's delegated investment manager had identified a significant number of further assets meeting its criteria.

As of 1155 BST, shares held steady, up 0.02% to 102.15p.