Social Housing REIT (SOHO) | No places like HOME
The supported housing investment sector took a significant reputational hit as a result of the failure of Home REIT (HOME). HOME has been suspended from trading for more than three years and is now in managed wind-down, offering little hope of any meaningful value recovery for its large base of both professional and individual investors. But while this debacle has undoubtedly been painful for all concerned (not least the vulnerable occupiers of HOME's ostensibly ‘modern, high-quality accommodation'), it does not follow that the marriage of private capital with social good in a closed-end fund structure is doomed to fail. In this note, we contrast the HOME model with that of Social Housing REIT (SOHO), a provider of specialised supported housing (SSH), aiming to show that when a well-defined need coincides with a well-executed strategy, investors and residents alike can benefit in both the short and long term.Triple Point Social Housing REIT plc is a United Kingdom-based closed-ended investment company. The Company acquires and holds investment properties either directly or through special purpose vehicles (SPVs). It is focused on a portfolio of Social Housing assets in the United Kingdom with a particular focus on Supported Housing assets. Its properties include Fountain Court, Claridge Court, Cornmill House, Pioneer House, and Brunswick House. Cornmill House is a housing facility comprising 16 one bedroom flats. Pioneer House is a housing facility comprising 14 one bedroom flats and one bedroom semi-detached bungalow. Brunswick House is a housing facility comprising 16 one bedroom flats. Fountain Court is a housing facility comprising 16 one bedroom flats. Claridge Court is a housing facility comprising 16 one bedroom flats. Its portfolio also include residential mental health and substance abuse facility operators.
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