The board of Triple Point Social Housing REIT has announced the appointment of Atrato Partners as the company’s new investment manager, replacing Triple Point.
A review of the investment management arrangements was launched by the board earlier this year, and it has now decided to part ways with Triple Point.
Atrato, which also manages Supermarket Income REIT and Atrato Onsite Energy, hired a team of social housing experts a couple of years ago ahead of a possible launch of a new social housing fund. However, several events have transpired since that put that on the backburner.
The social housing team at Atrato consists of Adrian D’Enrico (who recently joined from Edmond de Rothschild AM), Tom Still, Michael Carey, Harri Williams and Francisco Gallardo Pacheco. Still and Carey joined Atrato in May 2022 and previously co-founded Social Income and Iken Group, both focused on social housing investment. Pacheco joined in July 2022 as a graduate investment analyst.
The appointment of Atrato is subject to agreeing a new investment management agreement (IMA). The key terms of the new IMA will be announced in due course, however the board said it was satisfied that the new IMA will deliver significant cost savings whilst maintaining the existing high levels of service provision.
The formal transition of the investment management services from Triple Point Investment Management to Atrato is expected to occur in January 2025.
In the interim period, the board said that Triple Point would work collaboratively with Atrato in an orderly transition of services. In particular, the transition period will focus on ensuring that the welfare of the residents of the group’s properties is prioritised, operational performance is preserved and that progress with ongoing corporate initiatives is maintained.
Chris Phillips, chair of Triple Point Social Housing REIT, commented: “The board would like to thank Triple Point for their support and the consistent operational performance of the company since IPO. Triple Point’s commitment has been reflected in the constructive approach taken to the independent review of investment management arrangements and the proposed transition of services to Atrato.”
