Apache Capital and Moda Living’s joint venture has bought an Edinburgh development site to build private-rented sector (PRS) housing.
The site, in the Fountainbridge area of the Scottish city, was sold in an off-market deal by Grosvenor.
Apache said the partnership will invest £115m (€133m) to develop 525 homes on the plot, with 46 existing private rented homes included in the deal.
Richard Jackson, managing director of Apache Capital Partners, said the site matches the firm’s previous acquisitions.
“We are committing to delivering substantial premium product in Scotland’s domestic markets as the supply-demand fundamentals are still prevalent post-Brexit and further underlines the defensive nature of PRS as an attractive investment in times of economic or political uncertainty, with its ability to generate long-term, stable and diversified income streams,” Jackson said.
The scheme, which includes a gym and communal space, is the joint venture’s second in Scotland, having purchased the former Strathclyde Police headquarters in Glasgow in October last year.
The first phase is due to be completed in late 2019, with all phases complete by late 2022.