Schroder Real Estate and Civitas Investment Management have so far raised £100m (€109m) for their UK social supported housing fund at the fund’s second close.
Schroders said the closed-ended Social Supported Housing Fund (SoHo) will forward-fund the development of brand-new specialist supported housing in the UK.
Robin Hubbard, head of real estate capital at Schroders, said the fund was launched in 2019 and almost £50m of SoHo’s capital has already been allocated.
“The first project completed in July this year and further completions are now taking place each month. The strategy has proven highly resilient to COVID-19 and the government-backed, strong cash yield on the long-term leases, as well as the clear social impact, are proving popular with institutional investors.”
Andrew Dawber, group director at Civitas Investment Management, said: “The £100m raised will have a significant social impact creating brand-new, specially designed properties which will provide lifelong homes for the most vulnerable in our society, whilst producing an attractive return for investors.
“The fact that we have been able to close this latest fundraising successfully during the Covid-19 pandemic and resultant lockdowns is a demonstration of the attractiveness of this specialist asset class to institutional investors.”
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