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Bank pull-out hits landmark plans Bank pull-out hits landmark plans
(20 minutes later)
Edinburgh's biggest real estate project in a decade has been put on hold after the developer went into administration.Edinburgh's biggest real estate project in a decade has been put on hold after the developer went into administration.
The £300m Caltongate development by Mountgrange Capital has faltered after the Bank of Scotland pulled out its financial support.The £300m Caltongate development by Mountgrange Capital has faltered after the Bank of Scotland pulled out its financial support.
The bank has classified its loan as a "toxic asset".The bank has classified its loan as a "toxic asset".
The development in the city's Old Town had attracted hundreds of objections from campaigners and heritage groups who said it did not fit with the area.The development in the city's Old Town had attracted hundreds of objections from campaigners and heritage groups who said it did not fit with the area.
The Caltongate plans included a luxury hotel, an office complex and 200 homes.
Mark Cummings, spokesperson for Mountgrange Capital, confirmed that Deloitte had been appointed administrators for the company.
'Change of attitude'
He told BBC Radio Scotland: "For people in Edinburgh, that means that our ability to make good on the Caltongate development will be impaired in the short-term certainly.
"Over the last four years that we've been promoting this project and since the economic difficulty kicked in last summer, nothing has changed from Mountgrange Capital's perspective - we've just published our last annual accounts which made provision for this project.
"But in the last two weeks a change of attitude has been forthcoming from our bankers and that has led to us having to take this action because their support has dropped away."
The Bank of Scotland has said it was unable to comment for reasons of confidentiality.The Bank of Scotland has said it was unable to comment for reasons of confidentiality.