Heimstaden Bostad agreed to fund and acquire Platform’s project for SEK1.5bn (£122m). The build contract was placed simultaneously and practical completion is scheduled for mid-2024.
The development is in the Bonnington regeneration area 2km north of Edinburgh’s city centre, to which it will be connected by tram from 2023. The scheme will have a total of 30,200m2 of lettable space and amenities such as a reception and concierge desk, a gym, a co-working area and rooftop terraces with views over the Water of Leith and the neighbouring Pilrig Park.
Platform assembled the site in 2019 and 2020 from land that had three separate owners and subsequently obtained planning permission for 464 residential apartments.
“Edinburgh’s strong fundamentals make this acquisition a natural next step for us in providing high-quality and affordable homes to our customers, in line with our strategy to expand our presence in the UK market,” said Heimstaden Bostad head of investment, UK, Christian Birrell.
Platform will act as developer on the project as well as being retained as asset manager following completion of the development.
Jean-Marc Vandevivere, CEO of Platform, said:“We’re delighted to be partnering with Heimstaden and contributing our deep experience of Build to Rent to support their continued UK expansion. We’re looking forward to opening our Edinburgh scheme in 2024 to provide much needed housing in one of the most attractive cities in the UK.”