Lloyds Banking Group to buy 400 homes before the end of the year
Lloyds Banking Group has set up a Build to Rent business, Citra Living, with plans for it to own and let around 400 properties before the end of the year, with the aim of doubling this investment next year.
The business will focus on buying up homes in new build developments, with the first being 45 apartments in the Peterborough Investment Partnership’s Fletton Quays scheme in the city.
Lloyds added that its ambition is to work in “strategic partnerships” with “leading housebuilders” to support the building of additional homes by buying up the rental element of wider schemes.
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 more than 10,000 new build homes a year in the last 2 years.
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