Dolphin Living has raised £24.7m through the offer of a retail charity bond, the proceeds of which will be used to invest in the growth of its London portfolio, including the existing pipeline of 196 homes under development.
The bond offered a fixed interest payment of 4.25% per annum until 6 July 2026, payable twice yearly. Launched on the 21 June, the offer closed within 24 hours, reflecting the strength of demand from investors for individuals and organisations who create social benefit.
The bond was launched by Retail Charity Bonds, a special purpose issuing vehicle created and managed by Allia, a charity that supports impact entrepreneurs and ventures.
Olivia Harris, Chief Executive, comments:
Closing this bond within 24 hours of launch, having raised our target amount, is a strong endorsement of the Dolphin business and vision and will further support our strategic target of providing 1,000 affordable rental homes in the capital by 2020. London is a truly global city with an enviably eclectic and diverse key worker population and we are committed to providing a portion of these individuals with the opportunity to live within reasonable distance of their work place.