Scottish National Investment Bank commits additional €23m to Thriving Investments

The Scottish National Investment Bank has committed a further £20 million (€23 million/$25 million) to the mid-market rent (MMR) strategy (New Avenue Living or the Fund) managed by Thriving Investments, the social value and ESG–focused real estate fund manager.

The bank’s follow-on investment will support the development of up to 100 new homes and takes its total investment in the Fund to £60 million (€70 million/$74 million).

New Avenue Living, which has a mandate to build 1,500 high-quality, energy-efficient homes within close proximity to major Scottish city centers, has to date delivered 649 homes, with another 422 currently in development. The homes are rented out at reduced rates on the open market, helping to deliver the much-needed supply of affordable homes.

In line with Thriving Investments’ wider commitment to create and regenerate residential-led communities through both an environmental and a social lens, the current investment portfolio