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Triple Point Social Housing REIT closes class C share offering

Triple Point Social Housing REIT Plc is set to raise £47.5 million after closing an offering of convertible nonvoting preference class C shares at £1 apiece.

The transaction comprised the issuance of 33,005,715 class C shares in an open offer, 815,150 class C shares in a subscription offer and 13,679,135 class C shares in a placement.

The real estate investment trust, which invests in U.K. social housing assets, said the class C shares will be converted into ordinary shares by Dec. 31 and will be admitted to the premium segment of the official list of the UK Listing Authority. The trading venue of the shares will be transferred to the premium segment of the London Stock Exchange's main market.

Triple Point Investment Management LLP, the company's investment manager, will use the net proceeds for opportunistic investments in the supported housing market.