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An Edinburgh-based investment and development company has formed a new alliance in South-east Asia to help tackle Scotland’s housing emergency.
Ediston said its partnership with Singapore’s 42 Capital Partners will unlock funding to deliver high-quality rented homes in Scotland and across the UK.
The partnership creates a new route for investment from Singapore and South-east Asia into the UK at a time when many local authorities in Scotland have declared housing emergencies. It will aim to raise an initial £150 million to £200m by matching international funding with UK investment partners, local authorities and public sector organisations with which Ediston already works. Over the longer term, Ediston hopes to attract £1 billion to £2bn of investment into its Living platform over the next five to seven years, which could provide up to 8,000 new homes across the UK.
Ediston already has a pipeline of immediate opportunities for over 2,000 units. The company recently acquired a site close to the Edinburgh BioQuarter district, near the Royal Infirmary of Edinburgh, at the heart of the medical research and life sciences community, which it said is an “excellent location for new rented homes”.
Daniel O’Neill, chief executive of Ediston, 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.
“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.”
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David Agar, chief executive of 42 Wealth Management and director of 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.”
The partnership was marked at a signing ceremony at the British High Commission in Singapore.
Nik Mehta, British High Commissioner to Singapore, said: “It's fantastic to see Ediston and 42 Capital Partners join forces through this exciting new partnership. Business links between the UK and Singapore continue to create jobs, drive innovation and support economic growth in both countries.
“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 United Kingdom.”
Martin Kent, His Majesty's Trade Commissioner for Asia Pacific, said: “The new partnership between Ediston and 42 Capital Partners will support growth and further strengthen the economic ties between the UK and South-east Asia, building on the £29 billion of foreign direct investment from South-east Asia in the UK.
“Through the UK's Industrial Strategy and Trade Strategy, we are taking decisive action to create the right conditions for long-term investment in the UK, and we are committed to growing our investment partnerships further.”