Legal & General Capital acquires full ownership of CALA Homes

Legal and General takes over CALA

Legal & General picks up remaining stake in Cala Homes for £315m

Kerrigan Procter, Chief Executive Officer of Legal & General Capital, said: "Legal & General is delighted to assume full ownership of CALA Homes, a growing business which we know and understand well".

Legal & General (L&G) will on Tuesday unveil a £605m takeover of Cala Group, handing the FTSE-100 insurer full control of one of the UK's most upmarket housebuilders.

Legal & General said it believed that CALA Homes had "attractive" growth prospects under its continued ownership, based on Legal & General Capital's long term approach to investing and the attractive market for house building in the UK.

In its financial results for the 12 months to June 2017, Cala increased its revenue by 27 per cent to £747.9m and boosted pre-tax profits by 14 per cent to £68.5m.

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However L&G said in its statement that if it had owned 100% of Cala during 2017, the operating profit before tax would have been £91.5m.

The housebuilder's chief executive Alan Brown said the deal marked "the start of another exciting new chapter for Cala Homes".

"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".

He noted that Cala had "a strong management team with proven experience of managing a housebuilding business across business cycles, and has delivered great returns for shareholders since its acquisition in 2013".

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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.

Keith Breslauer, Managing Director of Patron Capital, added: "With the combined resources of Patron and Legal & General, we have worked successfully with the management team to support the growth of the business and consolidate Cala Homes' position in the market".

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

"Patron remains committed to the United Kingdom residential sector with our extensive investment activities in this area", he added.

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