A multi-million investment in a development site in East Kilbride is the latest initiative in the burgeoning alliance between two of Scotland's property entrepreneurs.

The purchase and development of a 10-acre site in East Kilbride is the second joint venture in two months by Glasgow-based developers Elphinstone with property financier Hunter Capital Partners.

Other joint initiatives are in the pipeline and the partners are looking for further investment and development opportunities, particularly in Scotland and the north of England.

The new 50-50 venture, Mavor LLP, has been created by Ken Ross, Chairman and Chief Executive of Elphinstone, and David Hunter, Managing Director of Hunter Capital Partners, to develop land at Kingsgate, East Kilbride. Options for the site are being explored, but the aim is to complete the development within three years.

The alliance is a key part of a new and specialised commercial property arm of Elphinstone, which is undertaking a number of high-profile commercial and residential developments in Scotland, including the country's tallest building planned for the centre of Glasgow.

With £150 million of funds at its disposal, Hunter Capital Partners provides the investment resource, and Elphinstone the planning and development expertise.

David Hunter, MD of Hunter Capital Partners, said: "The alliance with Elphinstone is proving a good fit for both businesses and we are progressing with a number of other joint initiatives. We are also on the look-out for development opportunities in Scotland, but also in the North of England."

Ken Ross, Chairman and Chief Executive of Elphinstone, said: "Momentum has increased since we embarked on our first joint initiative at the end of last year and we see lots of scope for developing a close and long-term relationship that will maximise our joint resources and expertise."

For further information, please contact:

David Hunter, Managing Director, Hunter Capital Partners   0141 204 4041
Jenny Kumar, Liddell Thomson   0141 221 5775

Note to Editors:

The Elphinstone Hunter alliance was established with an investment of £40 million in a commercial development at Slackbuie, Inverness. The joint venture, Inverness Commercial LLP, has taken responsibility for developing a 25-acre site subject to two outline planning applications – a £27m, 45,000 sq ft ASDA superstore and petrol filling station and an adjacent medical centre and 100-bed hotel.