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Posted October 25, 2018 08:09:37 A new company, Scotland Real Estate Group Limited, has announced it has raised a new £1.6 billion in funding from private investors.

The funding will help expand Scotland’s range of real estate and finance services in Scotland, with the aim of doubling the size of the company’s workforce by 2020.

Scotland Real Property Group Limited was set up by two former MSPs, Mervyn Johnston and James McCracken, with Mr Johnston having previously held the post of Scottish Secretary for Enterprise and Innovation.

Mr Johnston and Mr McCrackens have previously been active in the Scottish Government and have been vocal advocates of the SNP’s economic and social policy agenda.

Scotlands chief executive, Martin Gillett, said the funding would allow the company to scale up the business further.

“We have an ambition to double our workforce in 2020 and we are delighted to be able to continue this important work across Scotland,” he said.

“This funding will also support the expansion of our regional real estate services and create more jobs and growth opportunities in Scotland.”

Mr Gillets investment team includes Scotland co-founder John MacLeod, the group’s head of commercial, Michael Dutton, and its head of business development, Neil McEwan.

Scotia Real Estate Management has secured the backing of the Scottish and Welsh Governments and has secured its first funding in more than a decade.

The Scottish Government said the Scottish Business Investment Bank and the Scottish Enterprise and Growth Fund had both been instrumental in securing the funding.

“The Scottish Business investment bank has provided a strong foundation for the Scotland Group to grow and build our business, and the two UK-based funders have provided support in the way they have designed their support,” Scottish Minister for Finance Michael Russell said.

Mr Gildernew said the money would help Scotland expand the real estate industry in Scotland and boost the Scottish economy.

“Scotland has grown to become the largest provider of property in Scotland with an industry-leading portfolio of properties for commercial, residential and institutional use, and we look forward to further supporting the growth of the Scotlands portfolio in the coming years,” he added.

Scotlasts current portfolio consists of a portfolio of about 400 properties across Scotland.