Lloyds to buy 800 homes from developers by the end of next year
Lloyds Banking Group has set up a Build to Rent business, Citra Living, with plans for it to own and let around 800 properties before the end of next year.
The high street bank said the business would focus on buying up homes in new build developments, with the first being 45 apartments in the Peterborough Investment Partnership鈥檚 Fletton Quays scheme in the city.
Lloyds said it will acquire 400 homes before the end of the year, with the aim of doubling this investment next year.
It added that its ambition was to work in 鈥渟trategic partnerships鈥� with 鈥渓eading housebuilders鈥� to support the building of additional homes by buying up the rental element of wider schemes, but did not say if it already had particular developers signed up.
It said it was looking to buy 鈥渕odern, good quality homes鈥� that were 鈥渨ithin easy reach of local transport, amenities and leisure facilities鈥�, and will partner with a specialised residential service company to manage the properties.
The venture by Lloyds is the latest example of institutional investment in the Build to Rent sector, which has grown from a standing start a decade ago to provide , according to the British Property Federation.
Lloyds has not given a figure for the ultimate anticipated size of the Citra Living business.
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