Bank of Scotland has committed £130m to a second residential joint venture with Scottish property company Elphinstone.
The financing package is being used by the jv, Elphinstone Estates, in part to buy 1,000 acres for housing development at
The rest of the finance will be used to build a warchest for future acquisitions.
BoS has previously committed £45m to a partnership with Elphinstone which bought Scottish auctioneer United Auctions and its land bank in 2005. The livestock auction part of this business was re-sold to its management team this year.
Ken Ross, chairman of Elphinstone, said: “We’ve had a long-standing and successful relationship with the bank and this investment adds an important dimension to our business, strengthening our competitive position and accelerating our capacity and growth.
“It means we can respond quickly to land and property opportunities and consider other ways of increasing the scale and the success of our group.”
Elphinstone owns or controls over 1500 acres of developable land across
