Apache Capital, with joint venture (‘JV’) partner Moda Living, bought the site ‘off-market’ from Grosvenor Britain & Ireland. The JV will design, build, and manage the new Build-to-Rent homes for the long term alongside the existing homes under the Moda brand. Grosvenor identified Moda for its expertise in Build-to-Rent and their ability to guarantee delivery through their backing from Apache Capital. The deal secures the main residential component in the Fountainbridge regeneration, which is helping revitalise central Edinburgh.
The scheme will be Moda & Apache’s second in Scotland, having purchased the former Strathclyde Police headquarters in Glasgow in October last year, with a view to deliver the city’s first homes purpose-built for rent. The £115m redevelopment will see the complex transformed into c. 400 apartments coupled with on-site amenity areas and new commercial space.