Impact investment vehicle the Real Lettings Property Fund has achieved a final close at £56.8m, helped by three new investors.

The fund is managed by impact investment company Resonance in partnership with homelessness charity St Mungo’s Broadway. It buys homes to let to homeless individuals and families in London via Real Lettings, a social lettings agency set up by St Mungo’s Broadway.

The additional investment in the final close came from Croydon Council, Trust for London, Panahpur, and a high net worth individual.

Launched in early 2013, other other investors have included L&Q, Big Society Capital, City of London, Esmee Fairbairn, Lankelly Chase, and a private individual investor.

Around 240 homes have been acquired or are in the process of being bought since the fund’s launch. Some 120 properties have been handed over to Real Lettings so they can be let, and around 50 are being refurbished. So far, 230 people have moved into a home with a secure tenancy.

Resonance investment director Simon Chisholm said the fund combines financial returns to investors with a focused social impact, breaking down barriers for those ready for independent living but excluded from the private rented sector.

“The keys to the success of the fund are its proven ability to source properties that are suitable for those who need them, at a price that makes sense from an investment perspective, and the close partnership with a charity which has the experience and expertise to deliver successful tenancies.”

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