Property investor in £10.7m swoop for Lancashire supported housing stock

Property investment business Triple Point Social Housing REIT plc has announced a multi-million pound deal to acquire sites in Lancashire and Sussex.

The firm snapped up 80 units in Lancashire and eight in Sussex for an aggregate purchase price of around £10.7m.

The homes are based across six properties and designed for people with mental health and other support and care needs.

Triple Point has entered into full repairing and insuring (FRI) leases on each of the properties for a period of 20 years, but has the option of extending the agreement to 25 years.

The leases are with specialist housing associations My Space Housing Solutions, Falcon Housing Association and Auckland Home Solutions.

The acquisition will be immediately earnings enhancing, according to Triple Point, with the rents received subject to annual, upward-only reviews and increasing in line with the Consumer Prices Index.

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