Golden Lane Housing raises £10m from bond

Director Alastair Graham says the housing arm of Mencap has already bought four properties as a result

Alastair Graham
Alastair Graham

Golden Lane Housing, the housing arm of the learning disability charity Mencap, has raised £10m from a bond amid "unprecedented interest", it announced today.

The bond, which pays 4 per cent a year over five years, will be used to buy freehold properties that will be specially adapted to house people who have learning disabilities.

GLH said it had closed the bond to applications early because of strong interest from retail and institutional investors. "The extraordinary demand resulted in an oversubscription of the bond," it said in a statement.

Dan Hird, head of corporate finance at Triodos Bank, which helped to launch the bond, said: "This is a great result – not only for Golden Lane Housing, but also for the UK social investment market generally. It is clear to us that the market is ready for this kind of product.

"We see a growing appetite from individual investors wanting to put their money to work to achieve both a solid financial return as well as helping a respected charity to pursue its goals."

Alastair Graham, director of GLH, said that his organisation had already bought its first four properties "to provide desperately needed homes for people with learning disabilities".

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