Schroders Capital and Civitas Investment Management have raised £192m with the third and final closing of their Social Supported Housing Fund.
The capital for the private, UK, closed-end limited partnership was raised from public and private pension funds, insurance companies, charitable foundations and family offices located in the UK, US and Singapore. Prominant investors include the Church Commissioners for England and US housing developer Jonathan Rose.
The SoHo fund aims to increase the supply of new-build social supported housing in the UK by forward-funding the development of specialist supported homes for adults with significant physical and mental health conditions.
CIM will oversee the development of the properties, securing planning consent ahead of any investment. The assets will then be prelet on a long-term basis to specialist housing associations and designed for the long-term provision of bespoke adapted homes. Funding is sourced ultimately from central government.
CIM group director Andrew Dawber said: “SoHo’s prime objective is creating new specialist property supply for some of the most vulnerable individuals in society and with 11 schemes already operational and another 50 in the pipeline, the fund looks set to generate genuine additionality, alongside an attractive risk-adjusted return.”
The SoHo fund follows on from the successful IPO of Schroders’ BSC Social Impact Trust at the end of last year.
Robin Hubbard, Schroders’ head of real estate capital, said: “We are delighted to have raised almost £200m for Schroders’ first social impact real estate development strategy. With leverage, the fund will have over £300m of capital to invest, of which more than £150m is already invested or committed to projects.”
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