A new investment of £40 million has bolstered plans for over 650 social and mid market rent homes in Leith.

Scottish Widows has supported the Port of Leith Housing Association plans, which would see the homes delivered by 2025.

The funding will be drawn in stages at a low 30-year fixed rate of 2.84%.

Heather Kiteley, Director of Finance & Corporate Services at Port of Leith Housing Association, said: "We are pleased that Scottish Widows responded so positively to our ambition to address the high demand for the creation of a range of affordable homes in thriving communities. Having secured historically low fixed rate terms puts us in a strong and secure position to give several hundreds of people the priceless security that comes with having a great, affordable place to call home.

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"It has been a pleasure working on this opportunity with Scottish Widows and with our treasury advisers, Link, and legal advisors, Harper Macleod."

Gavin Reid, Associate Director at Scottish Widows, added: "We are thrilled to have structured a funding solution that supports Port of Leith Housing Association’s strategy to deliver more affordable homes, while providing high quality cashflows to match our pension liabilities. We look forward to seeing these plans come to fruition in the coming years.

"We have now invested in excess of £3.6bn in this sector as part of our ongoing commitment to the UK's social housing sector."

(CM/JG)