Triple Point Social Housing completes lease transfer away from troubled tenant

Higher rent collection expected

Triple Point Social Housing (SOHO) has completed the transfer of all properties let to troubled tenant Parasol, as the trust looks to improve rent collection levels.

The transfer to Westmoreland Housing Association is of all 38 properties leased to Parasol, which represented 8.3% of SOHO's gross net asset value and 9.7% of the rent roll as at 31 March, the trust said in a stock exchange notice today (20 August).  SOHO now expects rent collection to increase to between 75% to 85% of existing Full Repairing and Insuring (FRI) lease rent, compared to the 60% level that Parasol had been paying under its creditors' agreement.  Triple Point assesses investment management arrangements This level of rent is expected to last for 12 months in what the tr...