Posted on 4 Feb 2008

The EDI Group Scotland (EDI) is poised to expand its portfolio of property ventures, thanks to a finance deal secured with Lloyds TSB Scotland.

EDI selected Lloyds TSB Scotland as its new funding partner, to provide the £70million combined facility. The deal has secured EDI competitively priced money and achieved administrative savings, whilst maximising its funding capacity for new development.

The new facility will allow EDI to drive forward its ambitious development programme over the next 10 years. Developments already under construction or about to go on site include:

• An £80m mixed-use, canal-side development at Fountainbridge through Buredi, a joint venture of EDI and the Burrell Company;
• A new hotel and offices at Ratho Park;
• A second phase of office development at Pentad, South Gyle;
• The conversion of A-listed Lambs House in Leith to residential and office accommodation;
• A new health centre in Ardrossan, through NAV Limited, a joint venture of EDI and North Ayrshire Council; and
• EDI’s largest and most complex project, the £250 million regeneration of Craigmillar through its joint venture PARC, with The City of Edinburgh Council.

Commenting on the new funding secured by The EDI Group Limited, Finance Director Eric Adair said:
“We have a significant portfolio of developments already on site or in the pipeline, from major residential projects to offices and community buildings.

“This facility is an important part of EDI’s growth plans and will enable us to progress our current development portfolio as well as providing investment capital to fund new acquisition targets.”

“EDI already has a solid track record in delivering economic, social and environmental benefits to the city through our projects and this new facility will allow us to build on that success.”

Colin Carmichael, Head of Property Finance, Lloyds TSB Scotland, said: “We are delighted to be partnering EDI at this exciting stage in their development. We pride ourselves in forging strong customer relationships, and see us working together to support both their existing portfolio and their future growth strategy.

“It is all the sweeter to have won the mandate against stiff competition; this says loud and clear that we are open for business, despite being in the throes of a credit squeeze.”