Golden Lane Housing retail bond closes after raising £11m

Golden Lane, the housing arm of the learning disability charity Mencap, says the capital will be used to build 30 homes and house about 100 people with learning disabilities

Golden Lane Housing beneficiaries
Golden Lane Housing beneficiaries

Golden Lane Housing, the housing arm of the learning disability charity Mencap, has announced that its retail bond has closed early after it raised £11m in less than two weeks.

The bond, which Mencap said was the first charity retail bond to be listed on the London Stock Exchange’s order book for retail bonds, was due to close on 23 July, but the offer period was closed on 9 July because it was oversubscribed.
Funds raised by the seven-year bond, which will pay investors 4.375 per cent interest annually, will be used to build 30 homes for about 100 beneficiaries.

The bond was launched on 27 June 2014 through Retail Charity Bonds Plc, a new independent not-for-profit special-purpose vehicle that was set up to issue bonds for charities by the social investment charity Allia, in association with the financial services firm Canaccord Genuity.

Golden Lane raised £10m through issuing a corporate bond last year, which has been used to buy and adapt 27 homes and bungalows to house 99 tenants with learning disabilities.

Alastair Graham, director of Golden Lane Housing, said: "The bond will enable Golden Lane Housing to house about 100 people with learning disabilities who are currently living in inadequate housing due to the housing shortage. The houses and bungalows will also be there for future generations of people with learning disabilities – the bond will provide a positive and lasting legacy."

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