REAL LETTINGS PROPERTY FUND

Who they support

Resonance developed the Real Lettings Property Fund with leading homelessness charity St Mungo’s. It is the largest impact investment fund in the UK and closed at nearly £57m.

Grant criteria

PROVIDING MOVE-ON ACCOMMODATION FOR INDIVIDUALS AND FAMILIES AT RISK OF HOMELESSNESS

Grant details

The Fund was developed in response to the lack of private rented accommodation accessible to rising numbers of people living in temporary accommodation or otherwise at risk of homelessness in London. The Fund has sourced, purchased and refurbished a portfolio of over 250 one and two bedroom properties in the Greater London area and leased them to St Mungo’s Real Lettings team, who lets them to families and individuals who may be at risk of homelessness. It should help over 1000 people on the journey out of homelessness, during its lifetime. The Fund seeks to provide investors with a commercial risk-adjusted return on their investment, including both rental yield and capital appreciation on properties. Risk is reduced as investors benefit from a widely diversified portfolio leased on fully repairing and ensuring five year leases effectively enabling the charity to underwrite the operational maintenance, management and void risks.