Swedish residential real estate firm Heimstaden Bostad is acquiring PLATFORM’s 464-home build-to-rent development in Edinburgh in a deal worth £124.4 million.

The development is in the Bonnington regeneration area of the city, on the site of the former John Lewis depot and close to the Biscuit Factory arts and functions venue.

This is the ninth BTR development by PLATFORM since 2015 and it will act as developer on the project as well as being retained as asset manager following completion in 2024..

Heimstaden Bostad operates 150,000 homes across Europe. Its existing footprint in the UK consists of a 750-home development in Birmingham and 60 homes in the Greater London area.

Christian Birrell, head of Heimstaden Bostad’s UK investment, said: “Edinburgh’s strong fundamentals make this acquisition a natural next step for us in providing high-quality and affordable homes to our customers, in line with our strategy to expand our presence in the UK market.”

Burness Paull acted as solicitors for Heimstaden Bostad on this transaction. PLATFORM_ was represented by Womble Bond Dickinson and Addleshaw Goddard. The contractor is Graham (John Graham Construction).