Goodstone Living has agreed £67 mln (€76 mln) of debt financing with Natwest for the development of its first build-to-rent residential community in Edinburgh, Scotland.
The waterfront scheme, branded as ‘Dockside’, will have panoramic views and accommodate at least 338 homes and resident amenity space including rooftop lounge and dining, co-working areas, and a fitness centre; as well as over one acre of public realm space to promote resident and public wellbeing.
The construction of the scheme is expected to commence in Q1 2023.
Carl White, investment director, 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. Natwest’s recognition of the need to invest additional capital to exceed current building regulations has been very welcome.'
Jones Day acted for Goodstone Living and Taylor Wessing acted for Natwest.
