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UK: The Scottish National Investment Bank (SNIB) has committed £19.5 million to a joint venture with developers Hunter REIM and Ediston Real Estate.
The partners will build 241 BTR and 129 affordable homes near Edinburgh’s BioQuarter and Little France Park.
The homes, on the site of the former Edmonstone estate, will be constructed using timber and will be serviced by a new community heat network to provide low-carbon heating and hot water for residents.
It will form part of Little France, a new neighbourhood in south-east Edinburgh. Construction will begin by the end of this year, with the first new homes are scheduled for completion from early 2028.
The Scottish government has committed to capitalising the SNIB with £2 billion in its first 10 years. Over time, as the bank’s initial investments are repaid, it will reinvest those funds in more businesses and projects to create a perpetual investment fund and support the Scottish economy.
Andy Mallin, investment director at the bank, said: “Quality rental homes are key to supporting workforce mobility, so this development – near Edinburgh’s BioQuarter and major employers – is extremely well placed. Scotland’s housing challenges require urgent and meaningful intervention. This investment is an important step in increasing the supply of high-quality, sustainable homes, supporting economic growth and building stronger communities for the future.”
Danny O’Neil, chief executive of Ediston, said: “The project is one of a number that our living platform will deliver and manage in Scotland, and which has a pipeline of over 2,000 homes.”
In May, SNIB committed £50 million to Legal & General’s BTR fund.
Highlights:
- The Scottish National Investment Bank (SNIB) has committed £19.5 million to a joint venture with developers Hunter REIM and Ediston Real Estate.
- The partners will build 241 BTR and 129 affordable homes near Edinburgh’s BioQuarter and Little France Park
- The homes, on the site of the former Edmonstone estate, will be constructed using timber and will be serviced by a new community heat network to provide low-carbon heating and hot water for residents
- Construction will begin by the end of this year, with the first new homes are scheduled for completion from early 2028.
