Lloyds-backed Citra Living Properties to acquire Barratt Developments for £168m.

Lloyds-backed Citra Living Properties, a private rental company, agreed to acquire Barratt Developments, a housebuilding and commercial developer, for £168m. "We are delighted to announce a significant step forward in our partnership with Citra, who share our commitment to delivering a wide range of high-quality, sustainable homes and communities across the UK. Since forming our strategic partnership in 2021, we have agreed the sale of some 502 homes on individual sites to Citra. Our focus on quality and the environmental performance of our homes has enabled us to assemble an attractive portfolio of homes in desirable locations for private rental. The single-family dwelling segment of the private rental sector continues to grow strongly and presents an opportunity for us to both diversify our revenues against the current challenging market backdrop and develop communities which encompass all forms of housing tenure," David Thomas, Barratt CEO.