Cheyne invests £12.5m in supported housing
The social impact fund run by Cheyne Capital has invested £12.5m in a charity for specialist supported housing.
With the investment, the Cheyne Social Property Impact Fund brought its total size of commitments with the charity, Thera, to £27.5m.
The funds are intended to help Thera purchase affordable housing for adults with learning disabilities. The charity has already purchased more than 50 properties in the UK and houses over 90 tenants.
Cheyne is one of a number of investment funds that have expanded their activity in the supported housing sector over the past 18 months. Unlike many of these, it is not a real estate investment trust (REIT), but a fund run by an equity investor.
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The firm does not reveal the returns it expects on deals, but its early investments were understood to demand returns linked to inflation.
Simon Conway, director of strategy at Thera, said: “We are delighted to continue working with Cheyne to enable people with a learning disability to find a home of their own, a right that most of us take for granted.
“For individuals with often complex needs, this is a key part of promoting their place in society and of increasing their self-esteem by enabling them to develop friendships, engage with neighbours and to build links in their local community.”
Shamez Alibhai, head of the Cheyne Social Property Impact Fund, added: “We continue to be impressed by Thera’s approach, commitment to support and respect and the positive impact its work yields for beneficiaries and their local communities.
“The growth of our partnership over the past two-and-a-half years demonstrates how organisations and private capital can work together to provide solutions that help with effective housing delivery.”
