“The housing emergency demands new approaches that can help deliver more homes” – Daniel O’Neill, Ediston
A Singapore-based funding partnership has been agreed to help tackle Scotland’s housing shortage.
Ediston, the Edinburgh-based investment and development business behind the initiative, said the aim was to accelerate house building and deliver quality homes for private rental in Scotland and the wider UK.
The partnership with Singapore-based 42 Capital Partners will create a new route for investment from Singapore and south-east Asia into UK housing. It aims to bring international funding together with the UK investment partners, local authorities and public-sector organisations that Ediston is already engaging with.
The partnership has an immediate goal to raise in the region of £150 million to £200m to deliver new homes, initially in Scotland.
Ediston’s longer-term ambition is to attract £1 billion to £2bn of investment into its Living platform over the next five to seven years, which could provide as many as 8,000 new homes throughout the UK.
The longer-term platform would aim to provide a vehicle to create and deliver various types of housing, building on the initial model to deliver single family housing in Scotland, which can sit alongside the current mid-market rent model.
Ediston pointed to the recent acquisition of a suitable site for new rented homes close to Edinburgh’s BioQuarter district and the city’s Royal Infirmary and life sciences community. It said new homes could help hospital staff, researchers and other workers live closer to their workplace, support recruitment and retention, and offer opportunities for shorter journeys.
The new partnership is being marked at a signing ceremony at the British High Commission in Singapore.
Daniel O’Neill, Ediston’s chief executive, said: “The housing emergency demands new approaches that can help deliver more homes, more quickly. This partnership is about bringing new additional equity investment into UK housing and putting it to work with immediate effect.
“Our ambition is to create a reliable source of funding that supports sustainable housing delivery over many years. We are already working with local authorities and public-sector partners, and we will be inviting UK investment partners to join us.
“Locations such as Edinburgh’s BioQuarter show how new rented homes can support both communities and the economy, helping people live closer to major employers in healthcare, research, university and life sciences,” he added.
“Singapore has an enviable reputation as a gateway to investment from across south-east Asia. By building this bridge with 42 Capital Partners, we aim to connect that investment with the urgent need for high-quality rented homes in the UK.”
David Agair, chief executive of 42 Wealth and Capital Partners, said: “This partnership brings together investors seeking long-term opportunities and a country with a pressing need for more homes.
“Ediston has the experience to bring investment, development and housing management together. We look forward to helping investors in Singapore and south-east Asia support new rented housing across the UK, alongside UK investment partners.”
Nik Mehta, British High Commissioner to Singapore, added: “I’m particularly pleased to see this partnership being driven by a Scottish business. It reflects the deep and longstanding relationship between Scotland and Singapore, and highlights the strength of investment opportunities across all parts of the UK.”