Edmond de Rothschild REIM secures £13.7m loan for Edinburgh BTR scheme

Edmond de Rothschild Real Estate Investment Management has secured a £13.7m loan to regenerate Stead’s Place in Edinburgh into a build-to-rent development. The five-year property development loan came from Secure Trust Bank Real Estate Finance. It marks the fourth collaboration between STB and Edmond de Rothschild REIM following Minerva Square in Glasgow, Lace Market Quarter in Nottingham and Wellington Quarter in Leicester. The scheme will comprise 110 one-to-three-bedroom homes over two five-storey blocks, which are scheduled to reach practical completion by the first quarter of 2025. The 2.9-acre site had been earmarked by City of Edinburgh Council for redevelopment in 2008. Stead’s Place was formerly an industrial and office-use estate, with a two-storey, mixed-use building adjacent to the industrial buildings, facing Edinburgh’s famous Leith Walk. The redevelopment, which is being undertaken by Drum Property Group, will see the red sandstone building retained and refurbished to welcome new commercial tenants and retailers to the site. James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “STB has proven to be a fantastic lending partner for us, and key to helping deliver our BTR development programme.” See property, land and ownership information in Edinburgh >> Images © Edmond de Rothschild Real Estate Investment Management