The plank from Triple Point Social Housing RIDING has announced the appointment of Atrato Partners as the new company Investment managerreplaces Triple Point.

The board initiated a review of the investment management arrangements earlier this year and has now decided to divest from Triple Point.

Atrato, which also manages Supermarket Income REIT and Atrato Onsite Energy, hired a team of social housing experts several years ago in advance of the possible launch of a new social housing fund. However, several events have occurred since then that have pushed this into the background.

The social housing team at Atrato consists of Tom Still, Michael Carey 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 investments. Pacheco joined in July 2022 as a qualified investment analyst.

Atrato’s appointment is subject to the agreement of a new Investment Management Agreement (IMA). The key terms of the new IMA will be announced in due course. However, the Board was convinced that the new IMA would result in significant cost savings while maintaining the existing high level of service delivery.

The formal transition of Triple Point Investment Management’s investment management services to Atrato is expected to occur in January 2025.

Meanwhile, the board said Triple Point would work with Atrato on an orderly transition of services. During the transition period, particular focus will be on ensuring the wellbeing of residents of the Group’s properties is prioritized, operational performance is maintained and progress is maintained on ongoing corporate initiatives.

Chris Phillips, Chairman of Triple Point Social Housing REIT, commented: “The Board would like to thank Triple Point for their support and the company’s consistent operational performance since then IPO. Triple Point’s commitment is reflected in its constructive approach to the independent review of the investment management arrangements and the planned handover of services to Atrato.”