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Cushman & Wakefield Advises Triple Point Social Housing REIT Plc on Voyage Care portfolio

02/10/2019

Cushman & Wakefield has advised Triple Point Social Housing REIT on its acquisition of Voyage Care’s portfolio of 40 Supported Living properties for £27.4m.

The sale of 36 properties across the UK has been completed, with the remaining four expected to complete within two months following a consultation process with tenants. The deal comprises an initial £24.5m and a deferred amount of up to £2.9m.

Triple Point Social Housing REIT Plc was advised by Sam Gadar of Cushman & Wakefield’s Healthcare Transactions & Advisory team.

Voyage Care had leased the properties to registered providers, who in turn sublet housing units to individual tenants with a variety of support needs, under individual tenancy agreements.

Following the sale, the social housing REIT, which funds the supply of specialised supported housing for vulnerable people in the UK, will own the freehold interest in the properties. However, agreements between registered providers and tenants will remain in place, ensuring continuity for the end user.

Voyage Care will continue to provide specialist support to individual tenants who have learning disabilities, autism, brain injuries or other complex needs, in addition to operating its wider estate of care homes and supported living settings.

Max Shenkman, Head of Investment at Triple Point Investment Management, the fund manager of Triple Point Social Housing REIT, said: “This transaction involves a well-diversified portfolio of assets – both geographically and across housing associations – and a high-quality care provider.

“Properties like this are helping deliver a better quality of life for some of the most vulnerable people in our society whilst saving local authorities money and generating a sustainable financial return for shareholders.”

Sam Gadar from Cushman & Wakefield’s Healthcare team, said: “We were pleased to advise on the acquisition of this high-quality portfolio of supported housing assets. The properties house vulnerable adults and so tenant welfare was prioritised throughout the transaction process. It was a pleasure working with the team at Triple Point Social Housing REIT, who have an excellent understanding of the market and the sensitivities involved in a transaction of this nature.”

The UK Cushman & Wakefield Healthcare Team are part of the Global Cushman & Wakefield Healthcare Division. The team has extensive experience in all market segments covering the Elderly Care, Retirement Living, Medical and Educational segments working with a wide range of clients including operators, investors and developers.

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