Lloyds aims to be biggest landlord with 50,000 homes

Lloyds Banking Group is aiming to become one of the UK’s largest landlords, with 50,000 homes in the next 10 years. The bank has been tight-lipped about its long-term targets since announcing its entry into the sector under the Citra Living brand last month. However, an internal job advertisement appears to have let the cat out of the bag, setting a “strategic challenge” of reaching 10,000 properties by the end of 2025, and 50,000 by 2030. With just 10,000 homes, Citra would have a balance sheet of £4bn, putting it ahead of the UK’s current biggest landlord, Grainger. Grainger owns about 9,100 properties and has a market capitalisation of £2.1bn. According to the advert, Citra may consider “M&A opportunities and/or strategic alliances” to help it reach its targets. The bank has said it hopes to build most of its portfolio by developing new sites, so it would not “hoover up properties owner-occupiers would want to buy”. Earlier this month it agreed a partnership with FTSE 100 housebuilder Barratt. The FT (£) Photo by Andy Rain/EPA/Shutterstock