Homelessness social investment fund raises almost £57m
A fund which will invest in property to let to homeless people has attracted funding worth almost £57m, its managers announced today.
The Real Lettings Property Fund, which was launched early in 2013, describes itself as the largest impact investment fund in the UK. It is managed by social finance intermediary Resonance in partnership with homelessness charity St Mungo’s Broadway.
The fund buys properties which are let out by Real Lettings, a social lettings agency set up by St Mungo’s Broadway. Over the last two years the fund has bought, or is in the process of buying, 240 properties.
Of those, 120 properties have already been handed over to Real Lettings so they can be let, and around 50 are being refurbished. So far, 230 people (including Faisal, pictured), have moved into a home with a secure tenancy.
The fund received four additional investments last week, three from new investors – Trust for London, Panahpur and a high net worth individual – and a fourth from Croydon Council, which was already an investor into the fund. In total those investments were worth £10.3m.
The fund is now closed to future investment.