Lloyds’ housing firm buys 150 new homes through Barratt partnership
Citra Living, part of Lloyds Banking Group, has acquired 150 freehold properties to be built at Barratt Developments’ 2,000-home Ladden Garden Village near Bristol.
Citra said the investment would deliver much-needed homes with comparatively affordable rents. The homes, located between Bath and Bristol, include 36 flats expected to be complete in June 2022 and 114 houses expected to complete in phases from Q1 2023.
The acquisition follows the launch of Citra Living, which aims to address the increased demand for rental properties by building quality homes through strategic partnerships with leading developers and housebuilders, in July.
Citra Living, part of Lloyds Banking Group, has acquired 150 freehold properties to be built at Barratt Developments’ 2,000-home Ladden Garden Village near Bristol.
Citra said the investment would deliver much-needed homes with comparatively affordable rents. The homes, located between Bath and Bristol, include 36 flats expected to be complete in June 2022 and 114 houses expected to complete in phases from Q1 2023.
The acquisition follows the launch of Citra Living, which aims to address the increased demand for rental properties by building quality homes through strategic partnerships with leading developers and housebuilders, in July.
Under the partnership with Barratt, both parties will work together on a site-by-site basis to develop incremental housing stock for the rental market.
Citra Living managing director Andy Hutchinson said: “Since launch in July, we have been clear that Citra Living will start small and focus on incrementally growing a portfolio of quality, modern rental properties. Ladden Garden Village is our second investment and represents a very positive first step in the partnership between Citra Living and Barratt Developments.”
He added: “This initial arrangement has helped accelerate the development of Ladden Garden Village, which is brilliant news for all home tenures, be they owner-occupier or rental. We are very much looking forward to watching the progress at Ladden Garden Village and working with Barratt on other potential opportunities.”
Barratt Developments chief executive David Thomas said: “This is the first transaction of our strategic partnership with Citra Living, together delivering 150 high-quality homes for affordable rent, helping families and building new communities.
“It is positive to be growing new housing stock for rent and as the UK’s largest housebuilder we will continue to work with Citra Living to look at new opportunities around the country.”
Citra made its first investment in the summer, buying a block of 45 flats from Weston Homes at the Nene Wharf scheme in Peterborough. At launch it said it planned to invest in 400 homes in 2021 and a further 800 next year.
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