Legal & General takes full ownership of CALA Homes
Legal & General has agreed to a £605 million ($844 million) takeover of U.K. homebuilder Cala from its partner Patron Capital Partners.
L&G has agreed to pay approximately £315 million ($440 million) to acquire the 52 percent of Cala it does not currently own.
L&G acquired Cala in 2013 with private equity group Patron Capital for £210 million ($293 million), with each firm taking a 46.5 percent stake in the business with Cala’s management holding the remaining 7 percent.
Cala Homes is focused on “high-quality family housing” having completed 1,677 sites in 2017.