Edinburgh development acquired for £215m
Moda Living and Apache Capital have acquired a development in Fountainbridge, Edinburgh, for £215 million ($262 million) from Grosvenor Britain & Ireland in an offmarket transaction. The development is the joint venture’s second project in Scotland.
The joint venture intends to build 525 new homes in the area, in addition to the 46 existing properties purchased with the site. The site also will contain 25,500 square feet of commercial space and 15,000 square feet of amenity space, including a gym, barbecue area and roof terraces with a view of Edinburgh Castle. The area also has 250 homes already developed, including affordable housing for the elderly, serviced apartments, two student residences for 600 students, and 46 private rented homes.
Moda Living and Apache Capital aim to finish phase one by 2019 and to fully complete the project by 2022.
The firms have approximately £1.1 billion ($1.3 billion) of assets across the United Kingdom.