WBD advises on funding and acquisition of Edinburgh Build to Rent project
Womble Bond Dickinson (WBD) has advised Build to Rent (BTR) developer PLATFORM_ on development and funding arrangements for its 464-home residential project in Edinburgh for SEK 1.5 billion (£124.4 million) by European real estate firm Heimstaden Bostad AB.
Situated in the Bonnington regeneration area of the city – which will be connected to Edinburgh city centre by tram from 2023 – the site will comprise predominantly two- and three-bedroom homes and have a total of 325,000 sq. ft of lettable space, as well as a range of amenities including a reception and concierge desk, a gym, a co-working area and rooftop terraces with views over the Water of Leith and the neighbouring Pilrig Park.
PLATFORM_ was represented by WBD and Addleshaw Goddard, while Burness Paull acted as solicitors for Heimstaden Bostad. The contractor is Graham (John Graham Construction). WBD advised PLATFORM_ on all aspects of the real estate transaction via corporate sale, including a combination of share purchase agreement; development agreement; and asset management agreement.
Tom Willows (partner, real estate), Paul Mason (partner, real estate – Scotland), Tom Fitzpatrick (partner, corporate) and Iain Pritty (legal director, corporate – England & Scotland dual qualified) led the WBD team.
Mr Mason said: “Supporting PLATFORM_ with this development funding agreement has enabled us to draw on our skills across multiple jurisdictions and disciplines to support a key project in this important regeneration area of Edinburgh.”
Mr Willows added: “Being able to complete this deal in short time frame – from agreeing terms to closing the deal in just over nine weeks – is an example of how WBD’s specialist build to rent and corporate real estate expertise combined with our multi-national reach can support large scale projects such as this.”