Paul Kemsley has secured a funding agreement with Bank of Scotland Corporate which gives him $1bn (£500m) to spend on property in the US, UK and Europe.

Kemsley’s Rock group has extended its partnership with Bank of Scotland, which was set up in February last year.

‘This further commitment from the bank shows their continued confidence in the 'Rock' brand,’ said Kemsley.

'Rock is now a $1bn fund and this will enable us to take advantage of what we see as a very opportunistic market place both in the United States and continental Europe.’

The funding for Rock has come from Bank of Scotland Corporate’s joint ventures team, led by John Moran.

This team provides both equity and debt to entrepreneurs, such as Nick Leslau, Jamie Ritblat, Mark Steinberg, Elliott Bernerd and Bruce Ritchie,