A retail charity bond offer for Hightown Praetorian and Churches Housing Association closed early after raising £27m - £17m more than expected.

The housing association was the second organisation to make use of the Retail Charity Bonds platform created by Allia to list a bond on the London Stock Exchange and when it launched the bond earlier this month said it hoped to raise £10m.

The housing association which has an annual income of around £45m, builds and manages more than 4,400 properties in Hertfordshire, Bedfordshire and Buckinghamshire.

David Bogle, chief executive of Hightown, said: “We’re delighted the bond issue has been so successful. Affordable homes are in very high demand in our area, and it will help us fund the work we do in providing high-quality homes to homeless people and those who cannot afford to rent or buy at market rates.”

Tim Jones, chief executive of Allia, said: “Once again we are pleased to see such a strong interest from investors in this opportunity to invest for financial return and a positive social impact. This bond means that Hightown will be able to build much-needed housing and provide even more support in its local community.”