TWO major Scottish build-to-rent projects received a backing boost with the announcement of the creation of joint venture with new equity commitments to fund the developments.

Apache Capital, a private real estate investment management firm, has formed the joint venture with Harrison Street Real Estate Capital that, with additional investment from National Farmers Union Mutual Insurance Society Limited and Apache Capital, intends to fund the development of up to seven premium BTR schemes across England and Scotland, including one in Glasgow and one in Edinburgh.

The scheme includes 433 homes in the redevelopment in the former Strathclyde Police headquarters and 525 new homes in the Fountainbridge area of the Scottish capital.

Holland Park, named after the hotel-style lobby at the former police HQ's Holland Street entrance, will house a community of close to 900 people once completed.

John Dunkerley, co-founder of Apache Capital Partners, said: "These new equity commitments underscore that the UK’s build-to-rent sector is developing into an institutional asset class, attracting long-term global investors.

"Harrison Street has been investing in and developing student housing assets in the UK since 2015 and we look forward to partnering with them and NFU Mutual as we expand our portfolio, which we will fund and operate with long-term institutional build-to-core investors.”

Amenities in projects include a combination of concierge and resident facilities such as roof terraces, tennis court, storage, cinema and gym.