Places for People’s PfP Capital has acquired two build-to-rent developments in Scotland for £22.8m.
The forward-funding deals are the first acquisitions on behalf of its Mid-Market Rent fund site which launched last year.
It acquired a site in Paisley for £7.3m. The development is currently under construction and, working with Keepmoat Homes, it will deliver 66 homes by the end of 2020.
A second development in Edinburgh with consent for 85 homes was acquired for £15.5m.
The former Oxgangs Primary School site will be redeveloped by Edinburgh-based developer Hopefield Partnership and CCG Construction.
William Kyle, fund director, PfP Capital, said: “These projects reaffirm our commitment to delivering affordable homes in Scotland for the community, as well as a renewed promise to continue to deploy investor capital where investment is most needed.”
The MMR fund has been looking for sites across Scotland for the past nine months with a target to deliver 1,000 homes. The Scottish government has pledged £47.5m to the fund.
PfP Capital said it expects further acquisitions from the fund in the coming months.
Rettie & Co advised the fund.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
