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Fund geography
Developed countries (203) / More developed regions (202) / Western Europe (43) / United Kingdom of Great Britain and Northern Ireland (12)
Real Lettings Property Fund is a commercially risk-adjusted residential property impact investment fund that helps formerly homeless or vulnerably housed people by breaking down the barriers to them accessing private rented accommodation; encouraging independence; facilitating progress towards work and resilience against homelessness. The Fund acquires flats in Greater London which are leased to leading homelessness charity, St. Mungo's Broadway, to be used by its social lettings agency---Real Lettings.
Financial description
The Fund aims to deliver a commercial risk-adjusted return to investors based on rental yield and capital appreciation over the fund's life. The fund acquires one and two bedroom flats in diverse locations around London and leases these for minimum 5 years to the partner charity St. Mungo's Broadway. The leases insulate investors against void and ongoing maintenance risk, which are taken by the charity given its proven track record in managing these. The fund does not take on any debt or take any development / planning risk. The primary exit strategy for the fund's portfolio is a sale, at arms length market value, of the portfolio to a follow-on impact fund addressing similar issues in the future.
11 years
of track record
2013
the year funded
100,000,000 GBP
AUM
Interested in this fund?
Log in or create an account to request more information.
Gain a deeper and comprehensive understanding of how this fund generates positive impact in the themes and SDGs that matter to you, with insights provided by our dedicated team of expert analysts, and receive notifications about new available impact products, exciting investment opportunities, and relevant updates in the world of impact investing.
Asset manager
Resonance
Headquarters location: United Kingdom
Other funds managed by this asset manager: National Homelessness Property Fund
Key performance indicators
Fund overview
Asset manager: Resonance
Product track record: Fund has 11 years of track record
Target IRR: 6.4%
Committed Capital: 56,800,000 GBP (Pound Sterling)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United Kingdom
Product status: Closed - still investing
Style/Stage: Core
Inception year: 2013
Vintage year: 2013
Target region: Developed countries, More developed regions, United Kingdom of Great Britain and Northern Ireland, Western Europe
Target close date: 01/02/2015
Product term: 7 years (+ up to 2 years extension)
Assets under management: 100,000,000 GBP (Pound Sterling)
Investment size: Min: 100,000; Max: 3,600,000; Avg: 200,000
Co-investment policy:
Currency of investments: GBP (Pound Sterling)
Currency for fund / product figures: GBP (Pound Sterling)
Fund investments to date: 240
Fund investments to date exited or repaid: 0
Management fee: 1%
Carried interest: 5%
Hurdle rate: 5%%
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: L&Q, Big Society Capital, City of London (via City Bridge Trust), Esmee Fairbairn Foundation, Lankelly Chase Foundation, London Borough of Croydon, two High Net Worth individuals, Panahpur, Trust for London
Limited Partner / Investor Type: Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors
Contact
E-mail: n.a.
Website: http://www.resonance.ltd.uk/funds/real-lettings-property-fund/
Phone number: 0845 0043432
If you wish to have your details removed from this database please email gdpr@impactyield.com
Daniel Brewer
Managing Director
Impact Performance
n.a.
Impact thesis
The Real Lettings Property Fund is allowing partner charity St. Mungo's Broadway to scale up its social lettings agency, Real Lettings, which has been operating successfully since 2005. The fund works closely with the charity to acquire suitable properties (one and two bed flats in Greater London) which are then leased to the charity for at least 5 years in order to house suitable tenants who would otherwise struggle to access the private rented sector. These may be formerly homeless people who have come through hostels / supported housing, or people who are vulnerably housed and at risk of homelessness. In all cases, Real Lettings provides support in the transition and works with individuals to increase their options in the private rented sector, progress towards work and increase resilience against homelessness. Further details from the initial Social Impact Report from the fund can be found at http://www.resonance.ltd.uk/funds/real-lettings-property-fund/
Impact Management
n.a.