Housebuilder Avant Homes has secured its first private rented sector (PRS) transaction in Scotland after agreeing a £10.8 million deal with an investment fund.
Thriving Investments is acquiring 41 units from Avant at its 312-home Edmonstone Village development in Edinburgh for renting at mid-market rents on behalf of its New Avenue Living fund in Scotland. The transaction is the first between the two organisations.
Avant Homes, which has its Scotland head office in Edinburgh, is committed to implementing a multi-tenure strategy.
Edmonstone Village benefits from enhanced sustainability credentials as all homes at the development will be powered by a district heating system, operated by Vital Energi.
Edmonstone Village has a gross development value of £87m and is located off Old Dalkeith Road.
Avant Homes partnerships director, Colin Connell, said: “As a socially conscious fund manager, Thriving Investments is an excellent first PRS partner for us to have.
“We are both aligned in delivering sustainable homes and creating new communities which is precisely what we are doing at Edmonstone Village.
“We intend for this to be the first of many deals that we do in Scotland with a range of PRS providers. Doing so will enable us to ensure we can create greater access for more people to our range of quality, energy efficient new homes.”
This latest news follows soon after Avant Homes announced it is delivering 52 new homes for East Lothian Housing Association (ELHA) at Blindwells, near Tranent, after agreeing a £10.6m deal with the affordable housing provider.
Thriving Investments’ fund manager, Ed Crockett, said: “This acquisition is a strong fit for our New Avenue Living fund in Scotland.
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