Social housing investor signs £70m funding facility

Triple Point Social Housing REIT has secured a new £70 million revolving credit facility (RCF) with Lloyds Bank.The floating rate RCF has an initial term of four years expiring on 20 December 2022 which may be extended by a further two years.The credit facility is the trust’s second debt raise in 2018. The company, which invests mainly in newly developed social housing assets in the UK, targets a long-term level of aggregate borrowings equal to 40% of the group’s gross asset value, subject to a limit of 50%.Triple Point said the RCF will provide the group with flexible committed capital, at an attractive margin, to help finance the acquisition of supported housing assets from its growing pipeline.