 Impact investments that have stood the test of time: Historical Homes of South Africa (1966-2020)Suzette Viviers and Johann de Villiers Journal of Sustainable Finance & Investment, 2022, vol. 12, issue 4, 1009-1026 Abstract: Long before the term ‘impact investment’ was coined, Historical Homes of South Africa Limited was established in 1966. This company bought memorable historical buildings that could otherwise have been demolished, restored them, and rented them out at commercial rates. By preserving cultural heritage, they encourage tourism and hence economic growth. As an impact-first impact investor Historical Homes of South Africa not only generates positive, measurable social impacts, but also financial returns. The most important factors that have helped the company obtain and maintain legitimacy over five decades are having clearly defined social impact objectives, and achieving these objectives in an effective and efficient manner. This case study contributes to the literature on cultural heritage preservation and the limited body of knowledge on legitimising the impact investment industry. Impact-first impact investors should focus on consequential, linkage, socio-political and pragmatic legitimacy considerations when interacting with social actors, notably investors and advocacy groups. Date: 2022 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:jsustf:v:12:y:2022:i:4:p:1009-1026 Ordering information: This journal article can be ordered from DOI: 10.1080/20430795.2021.1891780 Access Statistics for this article Journal of Sustainable Finance & Investment is currently edited by Dr Matthew Haigh More articles in Journal of Sustainable Finance & Investment from Taylor & Francis Journals |
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