Bank of Scotland Corporate has taken a 50% stake in Edinburgh-based development and investment company Kilmartin Property Group.
The company was founded in 1996 when Iain Wotherspoon left Dunedin Group to go it alone, and has always had a close relationship with the bank.
BoS will continue to provide debt facilities to fund Kilmartin’s growth strategy.
The developer has a £1.1bn development program and recently boosted pre-tax profits for the end of the financial year to £9m, up from £7.5m in 2006.
Over the past two years Kilmartin has sold over £400m worth of developments and investments.
The new arrangement will allow it to build up a significant investment portfolio and increase its
Wotherspoon said: “This is an ideal opportunity at an ideal time for the Kilmartin group to strengthen its balance sheet and allow it to aggressively expand its activities on the back of its track record and reputation.
“We look forward to working with our colleagues at the Bank who have in essence been our partners since the company was formed 11 years ago”.
Pamela Dickson and Alastair Hepburn, directors of Bank of Scotland Corporate, will join Iain Wotherspoon and Neil McGuinness on the board of Kilmartin.
Kilmartin is currently working with BoS to redevelop the former Lothian regional council offices at
The development will complete next year, providing a flagship branch for BoS and a luxury 130-bed hotel let to Radisson SAS and Italian fashion house Missoni.
