Macquarie Asset Management-backed Goodstone Living has secured £67m of debt financing with Natwest, for its Leith Docks scheme in Edinburgh.
Goodstone bought the £80m BTR scheme from S1 Developments in 2022.
The developer plans to provide 338 homes across four buildings of between 10 and 14 storeys and 16,000 sq ft of amenity space.
The scheme includes a resident rooftop lounge and dining, co-working areas, fitness centre and more than one acre of public realm.
Goodstone’s specialist development team has re-engineered the project to fully electrify the scheme, with an air source heat pump in each apartment – future-proofing the scheme for the decarbonisation of the electricity supply grid.
Construction of the Leith Docks scheme is expected to commence in Q1 2023.
Carl White, investment director at Goodstone Living, said: “The size, scale and timing of this financing package underscores how defensive build-to-rent has become as an asset class.
“We continue to be attracted to Edinburgh’s growing rental population and falling supply, which is creating enhanced demand for our high-quality, purpose-built and professionally-managed communities.”
Michael Goode, director and build to rent lead at Natwest, said: “We have long been supportive of build-to-rent for its structural characteristics, which have proven themselves throughout the past few years as schemes have remained full and continued to attract investment.
“It is great to support a project seeking to not only reduce the severe demand-supply imbalance in Edinburgh, but also to decarbonise both the construction and the operation of more than 300 new homes for rent – each of which will have an air source heat pump.”
Jones Day acted for Goodstone Living and Taylor Wessing acted for Natwest.
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