Triple Point Investment Manager has made ‘significant progress’ on the  management review of its social housing real estate (Reit) as it looks to enhance shareholder value.

The £243m Triple Point Social Housing (SOHO ) Reit said it had ‘been encouraged by the number and quality of proposals’ since launching the independent review in May, which was set to consider its benchmarking and ensure its terms compared favourably to industry peers in terms of best practice.

The board said ‘significant progress in the selection process has been made’.

The high-yielding property fund has traded at a persistently steep discount – currently 46% – as it battled defaulting tenants, an uncovered dividend caused by rent arrears, and a large debt pile.

Over a five-year period, the company has seen net asset value (NAV) increase by 57.6% but the shares have gained just 4.5%.

In the past year, the shares have done better, gaining 12.7% as the fund offloaded properties – sometimes at below book value – in order to drum up cash for a buyback. However, this did little to improve the discount and a decision not to sell any more properties was made this year.

Shareholders could be forgiven for wondering whether Triple Point will remain manager of the trust when the review results are announced on 13 September given its recent track record.

At the beginning of the year Triple Point-run Digital 9 Infrastructure (DGI9 ) served notice on the company and Triple Point Energy Transition (TENT ) is in the midst of winding down.