A joint venture between Apache Capital and Harrison Street has agreed to fund Moda Living’s £215m build-to-rent scheme at Fountainbridge in Edinburgh.
The Springside project comprises 476 homes with 13,000 sq ft of amenity space and 15,000 sq ft of ground-floor commercial space around a new public realm.
John Dunkerley, chief executive and co-founder of Apache Capital Partners, said: ”We are committed to delivering and expanding our build-to-rent pipeline with both Harrison Street and Moda Living despite the near-term disruption being caused by Covid-19.
“There remains a fundamental mismatch between supply and demand for high-quality purpose-built rental housing in the UK and for investors seeking long-term, steady income streams from assets with defensive, counter-cyclical qualities, build-to-rent remains highly attractive as a sector.”
Moda and Apache acquired the site from Grosvenor GBI in March 2017. The development will be the fourth as part of the Apache and Harrison Street joint venture which formed in October 2018.
It received planning consent last year. Construction is due to begin later this year, with completion expected in 2022.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
