19th Aug 2021 06:58
(Alliance News) - Lloyds Banking Group PLC has set a target of buying 50,000 homes in the next 10 years as it moves into the private rental market, the Financial Times reported on Thursday.
The bank set a "strategic challenge" of buying 10,000 properties by the end of 2025, then 50,000 by 2030, the FT said, citing an internal job advertisement. Last month, Lloyds announced the plan to start renting out housing under the Citra Living brand.
The advert estimates that Citra would have a balance sheet worth GBP4 billion and generate GBP300 million in pretax profit with 10,000 homes. It said Citra may consider mergers and acquisitions or strategic alliances to reach the targets.
The UK's largest private residential landlord is Grainger PLC, with 9,000 homes.
https://www.ft.com/content/e9dc9617-f059-4de6-b43a-d5e9978d8c0b
By Ivan Edwards; [email protected]
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