Real Lettings Property Fund Wins MIPIM “PRS Initiative of the Year” Award 2015
Real Lettings Property Fund Wins Prestigious Property Award
The Real Lettings Property Fund (RLPF), the UK’s largest impact investment fund targeting homelessness in London, has won the PRS Initiative of the Year award at the Estates Gazette/MIPIM UK Awards.
The fund, which is managed by impact investment company Resonance in partnership with homelessness charity St Mungo’s Broadway, buys homes to let to homeless individuals and families in the Capital. The Fund is delivering both financial returns and focused social impact.
The awards recognise and reward the efforts of developers and their partners from the private and public sectors working to revitalise cities and towns across the UK.
In the two and a half years since the Real Lettings Property Fund (RLFP) was launched, around 270 homes have been acquired or are in the process of being bought. Some 190 properties have already been handed over to social lettings agency, Real Lettings, around 30 are being refurbished, and the balance are going through conveyancing. So far, 430 people have moved into a home with a secure tenancy and this total is growing every week.
Simon Chisholm, Investment Director at Resonance, said: “We are delighted that this initiative has been recognised again with a mainstream property sector award. This demonstrates that social impact investment can achieve both the scale and commercial results necessary for this kind of industry recognition, whilst maintaining an equally strong focus on the impact it is seeking to have on homelessness.”
Susan Fallis, Director of Real Lettings, said winning the PRS Initiative of the Year award was further proof the fund was improving the lives of families across London. She said: “Since the Fund started we have been able to help more people escape homelessness by providing a secure tenancy and support from our social lettings agency. As a result, a significant number of families have been prevented from spending long periods of time in unsuitable temporary or bed and breakfast accommodation.”
The Editor of Estates Gazette, Damian Wild, said: “These awards celebrate those who are making a difference to the urban fabric of the UK. What impressed our judges was the innovation, diversity and tenacity shown by all the winners in areas where fresh thinking is desperately needed. Some of the projects will contribute to speeding up delivery of much-needed affordable housing, others help rebalance the economy away from London.”
The RLPF finished raising investment earlier this year at a total of £56.8m. It launched in early 2013 and investors have included L&Q, Big Society Capital, City of London, Esmee Fairbairn, Lankelly Chase, Croydon Council, Trust for London and a number of private individual investors
John Williams received the award for the teams at Resonance and Real Lettings
John Williams of Resonance at the Awards