The investment aligns with the Bank's place mission and supports the net zero mission.
SASH II will allow charities and community interest companies to buy properties which they would otherwise not be able to attain, building their financial strength, capacity and resilience to enable them to provide high quality services to their tenants.
The SASH II fund will invest across the UK, with the Bank’s £15m investment unlocking at least £20m of loans to organisations purchasing homes in Scotland.
The homes funded by SASH II are expected to be raised to high energy efficiency standards, with the Bank’s investment ensuring that financed properties meet the same standards as homes provided by registered social housing providers.
About Social and Sustainable Capital
Social and Sustainable Capital (SASC) was founded in 2014 as one of the UK’s first social investment funds.
SASC launched the Social and Sustainable Housing Fund (SASH) in May 2019. The SASH portfolio includes properties across Scotland owned and managed by Homes for Good, Positive Steps Partnership and Simon Community Scotland.
SASH II offers the same finance structure, allowing high performing charities to build portfolios of properties, improving the lives of vulnerable individuals by increasing their access to safe, stable and appropriate housing.
Susan Campbell, Scottish National Investment Bank Director said:
“Like the Bank, Social and Sustainable Capital is an impact investor, this fund has been intentionally designed in a way that will deliver economic, social and environmental change through the work that it does.
“The Bank will work with the fund and our fellow investors to really understand and capture those impacts and how they benefit the people of Scotland.”
Benjamin Rick, Co-founder and Chief Executive Officer Social and Sustainable Capital said:
“The key to what we do is working with organisations that are trusted in their local areas to deliver key services.
“Typically, this means providing housing and support for people who are facing a significant issue in their lives, a woman and her children fleeing domestic violence or a child exiting the care system for example.
“We are incredibly excited about having the Bank’s support, our missions-based approaches are very closely aligned.
“Increasingly we see our investor base asking more and more about impact, and how the products we offer complement the desire to generate financial returns and create social good."