UK: Citra Living, the BTR arm of Lloyds Banking Group, has grown its portfolio to 5,000 units and rebranded as Lloyds Living.
In a recent deal, it acquired more than 800 SFR homes from Gatehouse Living Group, which helped it to reach the milestone. The stabilised homes from GLG are situated across nine schemes in Greater Manchester, Merseyside, and the West Midlands. Completed in phases from 2018, the acquired homes comprise a mix of two-, three- and four-bedroom homes, alongside 72 low rise apartments.
Occupancy of the homes currently stands at 99 per cent, with residents benefitting from convenient access to local amenities and with many of the homes having an EPC rating of B, putting them in the top 10 per cent of UK homes for energy-efficiency. Under the terms of the deal, property and leasing management will continue to be undertaken by Ascend.
CEO Andy Hutchinson said: “While our focus remains firmly on increasing the number of rental and shared ownership homes available, the secondary market for such homes is important and developing. By taking an active role in this, we can ensure that these homes don’t just remain in the private rental sector, where they are very needed, but give their residents an ongoing landlord they know and can trust to deliver the service they need.”
Last month Citra Living acquired the Broadside BTR scheme in Manchester from Corebridge Real Estate Investors (CREI), and has also extended its partnership with housebuilder Barratt. Initially, the partnership targeted 2,000 new homes, but with the extension, it is now hoping to acquire 1,000 new homes in 2025.
Citra Living has also rebranded to Lloyds Living.
Hutchinson said: “As we pass the 5,000-home milestone, it is important to appreciate how much our business has developed in just our first three years. We’ll continue to grow and evolve to ensure we keep our focus on plans across private rental, shared ownership, home efficiency and sustainability. Our core aim remains helping more people live in the homes they want, where they want, and delivering a high-quality customer experience.”
“The first three years of Citra have been thrilling and satisfying. We have built a growing business that is playing a part in improving standards and changing the perception of private rental homes and of what it means to be a provider. By focusing on customer outcomes, we are helping more people live in the home they want, where they want. Working under the Lloyds Living brand helps achieve two things – it ties us even more closely to our group’s overall ambitions of helping more people meet their housing needs irrespective of tenure, and it brings an immediate association to our customers and partners with one of the most trusted brands in the country,” he added.
