Triple Point to sell part of portfolio after shareholder consultation

3rd May 2024 08:26

(Sharecast News) - Triple Point Social Housing announced plans to sell part of its portfolio on Friday, following shareholder consultations.

The London-listed real estate investment trust said proceeds from the sales would primarily fund share buybacks, aiming to maximise shareholder value.

It said it would also consider debt management strategies.

Due to rental arrears, Triple Point said it would transfer 38 properties leased to Parasol to Westmoreland Housing Association.

The transfer, focusing on resident welfare, would involve stakeholder support and a tenant consultation process.

Westmoreland's strong management was expected to improve rent collection for the properties, Triple Point said.

The firm said it was continuing to address issues with My Space, another tenant facing rental arrears, reporting an improvement in rent payments.

At 0815 BST, shares in Triple Point Social Housing REIT were down 0.16% at 60.9p.

Reporting by Josh White for Sharecast.com.