Lloyds launches PRS business
LLoyds Banking Group has announced its first move in the private rental sector with the launch of new business Citra Living.
The venture will focus on buying and renting newly built homes through strategic partnerships with housebuilders.
Citra’s first homes will be a 40-flat scheme at Weston Homes’ Fletton Quays in Peterborough (pictured). The business aims to acquire 400 homes by the end of the year, and to double this target next year.
LLoyds Banking Group has announced its first move in the private rental sector with the launch of new business Citra Living.
The venture will focus on buying and renting newly built homes through strategic partnerships with housebuilders.
Citra’s first homes will be a 40-flat scheme at Weston Homes’ Fletton Quays in Peterborough (pictured). The business aims to acquire 400 homes by the end of the year, and to double this target next year.
Lloyds’ PRS entrance has been hotly anticipated, following reports of a plan to enter the market via the Project Generation initiative. Earlier this year, the bank enlisted the support of former L&Q chief executive David Montague to advise its residential strategy.
The move builds on the group’s support for social housing. Lloyds has committed £9bn of funding to housing associations since 2018. Working with Homes England it has also invested £200m in regional housebuilders through the Housing Growth Partnership, which has funded 4,300 homes since 2016.
Andy Hutchinson, managing director at Citra Living, said: “In order to meet the growing demands of the rental market, Citra Living will look to partner with developers to ensure that a consistently high standard of properties is available to rent.
“Through Citra Living we want to ensure more people have access to good-quality, affordable, new-build rental properties that they can consider their home.”
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
Photo: Weston Homes
