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Triple Point to raise £47.5M in share offering

Triple Point Social Housing REIT PLC will issue a total of 47,500,000 convertible, non-voting preference C shares at 100 pence apiece for gross proceeds of £47.5 million under its previously announced offering via placing, open offer and offer for subscription.

The company also said it received confirmation from the UK Financial Conduct Authority for the admission of its ordinary shares to the premium segment of the Official List of the UK Listing Authority and for the trading venue to be shifted to the premium segment of the main market of the London Stock Exchange.

The offering comprises 33,005,715 C shares to be issued pursuant to the open offer, 815,150 C shares to be issued pursuant to the offer for subscription and 13,679,135 C shares to be issued under the placing. The issue remains subject to certain conditions, including, among other things, approval at the company's general meeting on March 26.

The multifamily-focused real estate investment trust will use the net proceeds to invest in the supported housing sector, according to a release.

The trust's investment manager expects the C shares to convert into ordinary shares by Dec. 31.

Canaccord Genuity Ltd. and Akur Ltd. acted as joint financial advisers. Canaccord Genuity served as sole global coordinator and book runner for the issue and as sponsor for the migration.