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Dolphin Living raises charity bond for affordable housing after London fire

Dolphin Living has raised a bond for affordable housing in the wake of the Grenfell fire.

The housing charity raised £25 million ($31.8 million) within two days of listing the bond on the London Stock Exchange.

It follows the deadly fire in London’s Grenfell public housing complex that exposed the poor and sometimes dangerous living conditions of U.K. low-income housing.

Proceeds will be used for “well-designed, good quality housing at market and submarket rents for people on modest incomes,” according to the Dolphin Square Charitable Foundation.

Dolphin Living’s is the fifth such retail charity bond, which allow charities to raise debt capital from the public markets.

The nine-year bond offers investors a 4.25% interest rate.

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