HBOS subsidiary, Bank of Scotland (BoS) Corporate Banking, has widened its business interests in the housing market and set up property purchasing company Elphinstone Land Limited (ELL).
The operation is a joint venture with Glasgow-based residential and commercial property developer Elphinstone.
ELL aims to purchase and prepare brown and greenfield sites for development in Scotland, and will concentrate mainly on the residential market.
ELL has taken on Elphinstone’s current property projects in Glasgow and East Renfrewshire, which are awaiting planning permission. It is expected other company interests in the Slackbuie and Inverness areas will also be acquired although nothing has yet been finalised.
ELL will have a fund of £30m at its disposal, with Elphinstone and BoS providing £15m each.