The Bank Backs Shetland Housing Project

The Scottish National Investment Bank has invested £730,000 in DITT Construction to support the development of six new, energy-efficient homes in Lerwick.

These one-bedroom properties are designed to meet the housing needs of key workers and young professionals in Shetland, where affordable housing is in high demand. The homes will be the first mid-market rental properties on the island, addressing a key housing need identified by Shetland Island Council.

DITT, a local construction company, is committed to retaining talent in the Shetland construction sector. In May 2024, the company transferred its ownership to an employee ownership trust, empowering its workforce and securing its future.

Peter Tait, Managing Director of DITT Construction Ltd, said: "We are haemorrhaging talent and opportunity in Shetland due in part to the lack of affordable places for workers and young people to live. The loan facility from the Bank is enabling us to build what we hope are the first of many MMR developments.


"Our move to employee ownership was motivated in part by our desire to ensure we could continue to provide long-term employment opportunities, including our annual intake of apprentices. We know all-to-well the housing challenges workers face, and we are committed to being part of the solution and brining tangible benefits to our community."

DITT has also invested £400k into the MMR housing project. 

Alastair McMillen, Associate Director of Sustainable Investment, Scottish National Investment Bank, said: "This project is a strong example of our commitment to our place mission, which aims to transform communities and help people thrive.

"We were particularly attracted to DITT's move to an employee ownership model and its commitment to addressing local problems, both of which resonate with us as an impact investor. Members of a community are best placed to know what they need to support a thriving environment. Our role is to provide them with the means to realise their ambition and unlock multi-fold community benefits."

The Bank is an impact investor, focused on delivering both commercial returns and tangible benefits to address some of Scotland's most pressing challenges.