Octopus Capital, a leading UK specialist real estate investor, has officially opened its first Scottish affordable housing investment at The Pines, Wallyford, East Lothian. This news marks two significant milestones: its first development in Scotland, and its 1,000th affordable home delivered through the Octopus Affordable Housing Fund (OAHF).
The opening ceremony at The Pines, EH21 8TN, was attended by representatives from Octopus Capital, developer Dandara, and investor Scottish National Investment Bank (SNIB) and sector representative body Homes for Scotland. The development represents OAHF’s first deployment into Scotland, extending its mission to deliver high-quality, affordable homes beyond England and Wales.
The investment has been made through the Octopus Affordable Housing Fund, which deploys long-term capital to accelerate the delivery of affordable homes across the UK. Octopus Capital is among a small number of UK investors to reach the 1,000-home milestone, underlining the scale and pace of its commitment to addressing the UK’s housing gap.
The Pines is a development in the town of Wallyford in East Lothian, approximately 6 miles to the east of Edinburgh. The development comprises 87 homes in total, with Octopus Capital providing 28 two, three, four and five bedroomed mid-market rented homes, all let within the Local Housing Allowance rental levels.
The homes have been delivered by Dandara, one of Scotland’s leading housebuilders, and the development has been supported by the Scottish National Investment Bank (SNIB), which invests long term, patient capital, for a fairer more sustainable economy. Its Place mission supports stronger communities and better local economies across Scotland. The development provides well-connected homes, forming part of a thriving community, and supported by excellent local amenities and strong transport links.
Jack Burnham, Head of Affordable Housing at Octopus Capital, said:
“Reaching 1,000 homes is a landmark moment for the Octopus Affordable Housing Fund and Octopus Capital, and we’re delighted it coincides with the handover of our first homes in East Lothian just 15 minutes from Edinburgh. The Pines is our first development in Scotland, and a demonstration that our model — deploying long-term capital in partnership with great developers, investors and property managers — can provide high-quality affordable housing for communities across all of the UK. We’re proud to be among the first group of investors to pass the 1,000 home milestone, and we’re looking forward to building on this foundation in Edinburgh and beyond.”
Lee Ogg, Managing Director of Dandara Scotland, said:
“It’s a real privilege for Dandara to become the first housebuilder in Scotland to support Octopus Capital’s ambition to help address the significant shortage of high-quality new-build rental homes across the country, and to mark this important milestone alongside them. Working closely with our Partnerships team, we have focused on creating a flagship development that showcases what can be achieved when the private and public sectors work together. These well-connected homes will form part of a thriving community, supported by excellent local amenities and strong transport links.”
Mark Munro, Chief Investment Officer, The Scottish National Investment Bank, said:
“Delivering the first home in Scotland is an important milestone and the start of bringing intermediate rent at scale into the market. Alongside the fund reaching 1,000 homes, it highlights how patient, long-term capital can support the delivery of high-quality, energy-efficient affordable housing.
“As a commercial investor focused on long-term impact, we are delighted to have played a part in supporting a development that contributes to a stronger and more sustainable housing market.”
Jane Wood, Chief Executive of sector body Homes for Scotland, said:
“We are delighted to welcome Octopus Capital into the Scottish market and to see the Scottish National Investment Bank’s increasing role in unlocking much-needed housing delivering concrete results. As the country’s housing emergency continues, The Pines will make an important contribution to delivering the high-quality, affordable and sustainable homes of all tenures that Scotland urgently requires.”
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