Scottish developer Elphinstone has set up a joint venture with Bank of Scotland Corporate with £130m of funding from the bank.

The new joint company, Elphinstone Estates, has used some of the money to buy 1,000 acres for housing at Stirling, Baillieston, Newton Mearns and Penicuik as well as options for development at Broxburn and the Borders.

The company is the second set up by Bank of Scotland Corporate and Elphinstone.

The first Elphinstone Land has a facility of £45m, which was used in 2005 to buy United Auctions, which had a substantial land bank.

The livestock auction part of the business was subsequently re-sold to its management team in 2007.

Elphinstone is headed by Ken Ross and owned by the directors and staff.

It owns or controls more than 1,500 acres of developable land across Scotland, trades and invests in office and industrial property and carries out mixed-use development.

Its core business is adding value to land and property by obtaining planning consents and creating viable masterplans.