Edinburgh, Scotland — Founded in 2009, Ziggurat has developed and sold a majority of its first project.
Wellgate House near the University
of Edinburgh.Edinburgh, Scotland — Ziggurat, a student-housing real estate firm that manages and develops properties primarily in Edinburgh, has completed its maiden development in Edinburgh’s Cowgate area and has sold 90 percent of the equity in the project to a private investor in a deal valued in excess of approximately $9.5 million.
Ziggurat was founded in 2009 by Jim Pike and Matt McAdden to create investment opportunities for a range of investors. The company has completed a restructuring of equity in its 65-bed student asset, Wellgate House in Edinburgh’s Cowgate, with founders Jim Pike and Matt McAdden retaining a 10 percent interest in the building. The deal allowed the initial investors to exit with an IRR (internal rate of return) on their equity of approximately 20 percent. The property is fully leased for the upcoming academic year and produces a gross annual income that’s more than $923,000.
The building is operated and managed as Ziggurat through its asset management company, Atelier Property Asset Management Ltd.