Homebuilder Cala Homes has been sold by Legal & General for £1.35bn to a joint venture of a private equity firm and property investor.
A statement from Cala released today (18 September) confirmed that Legal & General had agreed the sale with Sixth Street Partners and Patron Capital.
The deal is expected to be completed in the final quarter of this year.
Cala has been owned by L&G since 2018.
According to Cala, in the year ending December 2023, the group sold 2,917 homes, resulting in a turnover of £1.3bn and pre-tax profit of £112m.
Sixth Street is a global private equity firm with more than $80bn (£60.56bn) in assets under management and committed capital.
Patron is a property investment fund with €5.2bn (£5.38bn) of capital and was invested in Cala between 2013 and 2018.
Cala chief executive Kevin Whitaker said: “This investment by Sixth Street and Patron demonstrates their confidence in Cala’s business plan and further potential. I would like to thank Legal & General for its support since it first invested in Cala.”
He added that with its backing, Cala had tripled the number of homes built each year and that profit had grown each year.
Patron said in the statement that it would focus on under-supply in the UK housing market.
Source: ConstructionNews