McClure Naismith advises real estate investment manager on £60m development

Scotland’s first large scale institutionally-backed PRS (private rented sector) scheme, a £60 million development of apartments and family homes is to open in the Dyce/Stonewood area of Aberdeen in 2016.

The development, to be called Forbes Place and being built by developer Dandara, has been purchased by a major pension fund client of LaSalle Investment Management.

McClure Naismith advised LaSalle on the purchase, funding and legal structure of the deal.

The UK’s private rental market is dominated by buy-to-let homes owned by small independent private landlords.

The Scottish government is keen to encourage institutional investment in purpose built to rent residential accommodation.

Robert Binning, real estate partner with McClure Naismith, said: “PRS has the potential to make a major difference to the housing shortage by encouraging investors and developers to see the social housing sector as an exciting new opportunity.

“We are pleased to have helped shape a successful financial close on Scotland’s first large scale institutional PRS scheme and to have achieved completion within the parties’ tight deadlines.”