UK: Citra Living, the BTR arm of Lloyds Banking Group, has acquired 604 homes from housebuilder Barratt Developments.
Around 500 of the homes will be transferred to Citra’s ownership by June 2024, while the remaining homes will be transferred the following year, Barratt said.
Andy Hutchinson, managing director of Citra Living, said: “Our goal at Citra is to bring much needed high quality homes to the UK rental market, to help create balanced communities in the places that people want to live. Our partnership with Barratt helps us achieve that goal and will contribute to delivering much needed housing stock across the UK.”
David Thomas, chief executive of Barratt Developments, added: “We are delighted to announce a significant step forward in our partnership with Citra, who share our commitment to delivering a wide range of high-quality, sustainable homes and communities across the UK. Since forming our strategic partnership in 2021, we have agreed the sale of some 502 homes on individual sites to Citra. Our focus on quality and the environmental performance of our homes has enabled us to assemble an attractive portfolio of homes in desirable locations for private rental. The single-family dwelling segment of the private rental sector continues to grow strongly and presents an opportunity for us to both diversify our revenues against the current challenging market backdrop and develop communities which encompass all forms of housing tenure.”
Lloyds, which is Britain’s biggest mortgage lender, launched Citra Living in 2021, in a bid to find new revenue sources. Last month it bought 124 apartments at an office-to-resi conversion in Essex for £35.7 million.
