Invista Real Estate Opportunity Fund has purchased what it describes as one of the most high profile, prime development sites in Edinburgh from administrators PWC. The investment volume for the acquisition of the Edinburgh Academy Boarding Houses, was not dislosed. Scottish Land Holdings advised Invista in the deal.

Invista Real Estate Opportunity Fund has purchased what it describes as one of the most high profile, prime development sites in Edinburgh from administrators PWC. The investment volume for the acquisition of the Edinburgh Academy Boarding Houses, was not dislosed. Scottish Land Holdings advised Invista in the deal.

The former boarding houses of the well-known Scottish public school were purchased by Heritor's Residential Property at the height of the market in 2007, however, it has been lying vacant since the company went into administration the following year.

Invista said that the 1.57-acre site in Inverleith, which comprises three period arts and crafts houses and outbuildings on the edge of the Academy’s playing fields, offers one of the best residential development opportunities in the Scottish capital. Acting as asset manager, Scottish Land Holdings, the strategic property investment specialist, will work closely with the local council, Historic Scotland and other consultation bodies to work up a plan to restore the listed buildings and demolish or replace the more modern extensions to offer prime residential accommodation.

The creation of the joint venture is a model that has previously been successfully adopted by Invista Real Estate Opportunity Fund where it seeks to identify and collaborate with experts in the shape of local specialist asset managers. The Invista fund was established in 2007 to invest in real estate backed opportunities in the UK and Continental Europe. The fund is opportunistic in style and seeks to create value from intensive asset management and identify and exploit real estate opportunities arising from mis-pricing. Its broad investment scope means that, in addition to joint ventures, it can invest in direct property, indirect property, debt and equity securities, developments and corporate real estate backed opportunities.