Paul Kemsley’s Rock has made its Los Angeles debut for its new £500m joint venture with Bank of Scotland Corporate.

As revealed by Property Week in February, the Rock Opportunity Fund will give Kemsley $1bn (£500m) to spend on property in the US, UK and Europe.

‘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 marketplace both in the United States and continental Europe.’

Rock has recently bought the Santee Building in downtown Los Angeles. The property comprises 100,000 sq ft of commercial space over a 0.4 acre site, which has been bought with a view to conversion into 50 loft-style flats with nine shops below. The project will be managed by Rock’s New York office.

In addition to its US expansion, Rock has started construction of the first phase of a residential scheme in Bodrum, Turkey, which will comprise 600 homes in total.

In the UK it is creating a mixed-use development at the former Freemans Catalogue Building on Clapham Road, south London.

Earlier this year Kemsley bought 100 Fifth Avenue in New York.

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