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Mencap's housing bond closes early after raising massive £11m in less than two weeks

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Mencap's housing bond closes early after raising massive £11m in less than two weeks

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Published by Max Salsbury for 24dash.com in Housing and also in Communities, Finance

Mencap's housing bond closes early after raising massive 11m in less than two weeks Mencap's housing bond closes early after raising massive 11m in less than two weeks

Image: Money Arrow via Shutterstock

The first charity bond to be listed on the London Stock Exchange’s Order Book for Retail Bonds has announced it is closing its offer period two and half weeks early with an oversubscription.

Mencap's Golden Lane Housing (GLH) launched the bond two weeks ago, with the offer period expected to close on 23 July.

However, strong demand saw the bond close at 10.30am on 9 July after it raised £11 million in less than two weeks.

The funds raised by the bond will enable learning GLH to invest in buying and adapting housing for people with a learning disability in their local communities.

According to GLH, only 16% of people with a learning disability live in supported housing in the community and many struggle to compete on the open market, particularly in areas where there is no suitable social housing.

The money raised will go towards providing high quality homes for over a 100 people with a learning disability.

Alastair Graham, GLH director, said: "We are delighted at the response we have seen to the Golden Lane Housing Retail Charity Bond and thrilled by the early closure.

"The bond will enable Golden Lane Housing to house around a hundred people with a learning disability, 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 a learning disability – the bond will provide a positive and lasting legacy.”

The 2014 bond follows on from GLH’s previous £10m corporate bond issue which closed in July 2013, and which has now been invested in buying and adapting 27 high quality houses and bungalows in community settings across the country, becoming home to 99 tenants with a learning disability.

Jan Tregelles, chief executive of Mencap, said: “Most people with a learning disability want greater independence yet struggle to get on to the property market. By providing high quality, permanent homes within their local communities people with a learning disability will be able to live the lives they choose, whilst their families know they are settled and supported in long-term housing.

“The early closure represents a huge success and shows that Golden Lane Housing are finding creative and innovative solutions to help address the housing crisis affecting people with a learning disability.”

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