Scottish entrepreneur Sir Tom Hunter is to invest £100 million in residential property across the UK in conjunction with Bank of Scotland.

Independent property investment company Grant Management has been appointed to handle the property within a new vehicle, Grant Fund Management.

Grant Management already manages a £100 million property fund for the Bank of Scotland, which owns 20 per cent, and Sir Tom’s investment vehicle, West Coast Capital, has also taken a 5 per cent stake, worth about £1 million.

Grant typically manages single or multiple houses that are bought by wealthy private investors, and currently has 1,300 properties in ten cities, but are aiming to be in 26 within two years.