AVANT Homes has announced completion of its first private rented sector (PRS) transaction in Scotland after agreeing a £10.8 million deal with Thriving Investments, marking a further acquisition for the New Avenue Living fund.
Fund manager Thriving Investments is acquiring 41 homes 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 also the first between the two organisations and represents a further deployment for Thriving Investments’ New Avenue Living strategy, which is described as focusing on delivering high-quality, energy-efficient homes for rent in well-connected locations.
All homes at Edmonstone Village will be powered by a district heating system, operated by Vital Energi.
Work is already underway on the 41 two, three, and four-bedroom homes, which include terraced, semi-detached and detached house types.
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.”
The news follows Avant’s announcment that it is delivering 52 new homes for East Lothian Housing Association (ELHA) at Blindwells, near Tranent, after agreeing a £10.6 million deal with the affordable housing provider.
