Real Lettings Property Fund
The Real Lettings Property Fund is a residential property fund providing move-on accommodation for homeless individuals and families in London, whilst also delivering a commercial risk adjusted return.
Resonance has developed and manages the Real Lettings Property Fund in association with St.Mungo’s Broadway, a leading homelessness charity.
The Fund works closely with St.Mungo’s Broadway's Real Lettings operation, which offers affordable accommodation in the private rented sector. Real Lettings assists formerly homeless people, or those at risk of homelessness, who cannot access social housing but are ready and able to maintain a tenancy.
The Fund buys 1 or 2 bedroom flats, refurbishes them as necessary and then leases them to Real Lettings which will guarantee rent and take on management and maintenance risk for a period of 5 years. Real Lettings lets the flats to families and individuals who have been or are in danger of becoming homeless.
In late 2013, the Real Lettings Property Fund was honoured to receive a 'Highly Commended' award at the Social Enterprise Awards 2013 in the Social Investment Deal of the Year category and was also ‘Highly Commended’ at the Sustainable City Awards in early 2014. It was also recognised again being a runner up in the Cabinet Office Social Investment Awards and shortlisted in the Local Government Chronicle Awards both in late 2014. However, in 2015 it won the prestigeous RESI Award 2015 by Property Week, for the Private Rented Sector Initative.
The Fund achieved a first close of over £16m in February 2013 and closed in early 2015 at £56.8m. Its current investors include a major housing association, a number of endowed charitable foundations, a Local Authority and two High Net Worth individuals. Due to its regulated nature, investment in the Fund is only available to Certified Sophisticated Investors, High Value Trusts and High Net Worth Companies.
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