Ediston Real Estate to focus on mid-market homes with the launch of Ediston Homes

Edinburgh, 2015-12-21 — /EPR Retail News/ — Ediston Real Estate has launched a house building company.  Ediston has to date concentrated on commercial property with only fleeting investment into residential, but this will change with the launch of the new company.  Ediston Homes will focus on mid-market homes mainly in central Scotland with some of its projects, such as The Fruitmarket in Edinburgh, being mixed use and developed in conjunction with Ediston Real Estate.  

Ediston Homes is headed-up by Managing Director Peter Brogan, recruited from Muir Homes where he was also MD.  Peter will be responsible for delivering a set of ambitious targets.  The company’s board includes Chairman Harry O’Donnell who was previously Managing Director of Miller Homes, as well as Andy McKinlay Development Director at Ediston Real Estate and Bob Millar formerly of Scottish Homes.

Danny O’Neill, founder and Chief Executive of Ediston Group who will not join the Board said:  “I will remain focussed on growing our REIT which we launched in 2014 and Ediston Homes will operate with the expertise of others in the Ediston group. The Homes team has an opportunity to create a great business in a housing sector which is in need of additional well-funded developers and more importantly much needed delivery of new homes.”

Andy McKinlay, director of Ediston said: “we have looked at investing in the housing sector for a number of years but felt the model was wrong for a business like ours.  However the industry has changed and I am confident the time is right for us to invest and develop directly.

Its first residential development will be at the old Fruitmarket site in Edinburgh and will comprise 34 semi-detached and terraced houses for private sale as well as 80 flats available for rent under Edinburgh City Council’s NHT initiative. The housing for sale will be marketed during next year, with the rented units becoming available from November 2016.

In a separate announcement Ediston has also developed a rental model which will focus on the delivery of social housing for rent, and with Ediston Real Estate’s experience in institutional investment it is aiming to invest around £100m into the social housing and mid-market rental sectors over the next four years.  Ediston’s institutional fund management experience has helped the Homes business to raise the equity and it is now looking for a home in which to deploy the capital.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Edinburgh, 2015-12-16 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired a significant office investment at Cathedral Hill, Guildford for a purchase price of approximately £40 million reflecting a net initial yield of 8.05%. 

Buildings 1000 and 2000 Cathedral Hill comprise 120,460 sq. feet of modern office accommodation. Built in 2001, the property is located adjacent to Guildford Business Park and prominently fronts the A3 dual carriageway. The Property is currently let to Avaya on co-terminous leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group. The property was sold by M&G Real Estate.

Andy McKinlay, Director at Ediston Real Estate added, “The purchase of this South East investment is the fifteenth property we have acquired within our joint venture vehicles with Europa and comes on the back of the success in acquiring, refurbishing and selling similar assets in regional locations over the past five years. We are delighted to have the continued backing of Europa in the execution of our strategy to buy well located assets with value add potential.”

Robert Sim, Partner at Europa Capital commented, “The investment provides an opportunity for Europa to acquire a landmark office building in a well connected and popular office location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment.”

Agents: Capita and Allsop acted for Ediston/Europa. Knight Frank acted for the vendor.

SOURCE: Ediston Real Estate

Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599

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Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million

Ediston Real Estate and Europa Capital acquire significant office investment in Guildford, England for £40 million