The contract used to be signed off as fragment of a deal by Swedish loyal estate investor Heimstaden Bostad to fund and own the draw developed by PLATFORM_.
A quarter of the predominantly two- and three- bedroom homes will doubtless be equipped as intermediate housing at discounts of spherical 40% to originate market rents.
The draw will have a 325,000 sq feet of lettable house and a big fluctuate of facilities for all residents, along with a health membership, an unlimited co-working house and rooftop terraces with views over the Water of Leith and the neighbouring Pilrig Park
PLATFORM_ assembled the situation in 2019 and 2020 from three separate ownerships and due to this fact got planning permission for the residential residences.
Underneath the £124m deal, PLATFORM_ will act as developer on the project as successfully as being retained as Asset Manager following completion of the utter.
Jean-Marc Vandevivere, CEO of PLATFORM_ said: “We’re overjoyed to be partnering with Heimstaden and contributing our deep experience of Rep to Rent to enhance their persisted UK growth.
“We’re taking a understand forward to opening our Edinburgh draw in 2024 to provide great wanted housing in a single in every of the most nice looking cities in the UK.”
Heimstaden Bostad’s present footprint in the UK contains a 750-dwelling pattern in Birmingham moreover being delivered beneath a forward pick settlement and spherical 60 more homes in the Bigger London house.
The UK growth idea is fragment of Heimstaden’s broader pan-European utter technique, which final yr fervent £11.9bn of residential property acquisitions.
