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Monday, October 22, 2023

Bank of Scotland commits 130m to Elphinstone

Bank of Scotland Corporate is to commit 130 million to a new joint venture with Elphinstone the Scottish land and property development company.

This is the bank's second partnership investment in a special purpose business with Elphinstone, bringing its total commitment to the expanding Glasgow group to over 175 million.

The new investment in Elphinstone Estates, a 50-50 joint venture with Elphinstone Holdings has been used to acquire1000 acres for housing at Stirling, Baillieston, Newton Mearns and Penicuik as well as options for development at Broxburn and the Borders.

The investment provides a war chest for further land and property acquisitions and for other business development opportunities.

Bank of Scotland Corporate and Elphinstone have an existing facility of 45 million in Elphinstone Land which in 2005 acquired United Auctions plc and with it a substantial land bank. The livestock auction part of the business was subsequently re-sold to its management team in 2007.

Ken Ross, Chairman and Chief Executive of Elphinstone Holdings, said, "This new facility is an immense vote of confidence by Bank of Scotland Corporate in our Board and management team. 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."

Bruce Anderson, Head of Joint Venture Investments for Bank of Scotland Corporate said, "We have an excellent working relationship with Elphinstone and investment such as this, in an innovative, ambitious business with experienced, proven management, fits our agenda perfectly."

Elphinstone Holdings is a private company, owned by the company's directors and staff and the parent for several joint-venture and wholly-owned subsidiaries responsible for specific developments or initiatives. Elphinstone which owns or controls over 1500 acres of developable land across Scotland, trades and invests in commercial and industrial property and mixed-use development as well as managing land and property assets.

Its core business is adding value to prime land and property by obtaining planning consents and creating practical