L&G buys remaining stake in housebuilder

Legal and General takes over CALA

Legal and General takes over CALA

Legal & General is delighted to assume full ownership of Cala Homes, a growing business which we know and understand well.

The deal will add Cala to a portfolio of L&G-owned businesses which are trying to address some of Britain's biggest economic quandaries.

The FTSE 100 group explained that the business had performed strongly under our joint ownership with Patron Capital Partners, with revenues having grown from £241 million in 2013 to £748 million last year, and profits having surged 12 percent over the last three years.

L&G Capital boss Kerrigan Procter said Cala Homes had attractive growth prospects under L&G's continued ownership.

If CALA Homes had been 100% owned by Legal & General during 2017 on a post transaction basis, the operating profit before tax would have been £91.5m.

The total valuation of 100% of the equity in CALA Homes was £605m.

The deal involved additional transaction costs as well as "financial adjustments" meant to "reflect the contribution of management and Patron during the period of our joint ownership", L&G said.

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Last week, Theresa May, the Prime Minister, ordered housing developers to stop hoarding land and get on with building new homes amid a continuing squeeze on new housing supply.

Numis Securities lifted its rating to Legal & General to "add" last week, hiking its price target on the shares from 125p to 305p, while JPMorgan Chase & Co reaffirmed its "underweight" stance on the company, valuing the shares at 218p.

Alan Brown, Chief Executive of CALA Homes, commented: "Today's investment by Legal & General marks the start of another exciting new chapter for CALA Homes and is a fantastic endorsement of our growth potential from one of the UK's most highly-respected, blue-chip investors who shares our long-term vision".

He said: "Over the past five years we have become one of the UK's fastest-growing housebuilders and this is testament to the strength and ambition of our team, the quality of our homes and our approach to customer service".

"We have also benefited from the ongoing backing of our shareholders and I would like to take this opportunity to thank Patron for their support alongside Legal & General".

Keith Breslauer, managing director of Patron Capital, said that he was confident the business will "continue to grow and thrive under Legal & General's ownership".

Cala's ownership was split between L&G and Patron in 2013, with its management team holding a small stake in the company.

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