Legal & General and its Cala Homes Unit Agree to Move Forward with Buckler’s Park, Crowthorne Development
Posted on 01/21/2023
Cala Homes is a U.K. housebuilding company headquartered in Staines-upon-Thames, England. Cala Homes (Gaelic Dachaighean Cala) was founded in 1875 as the City of Aberdeen Land Association. It has grown to become one of the UK’s largest house builders. Between 1999 and 2013 the Bank of Scotland held a majority stake in the company, until Legal & General and Patron Capital each took a 46.5% stake in Cala Homes in March 2013. Legal & General acquired full control of Cala Homes on March 13, 2018. The total valuation of 100% of the equity in CALA Homes was £605 million at the time of the acquisition. The acquisition cost of the 52.1% share capital Legal & General did not own was £315 million plus additional transaction costs and financial adjustments.
Legal & General’s Suburban Build-to-Rent business and Cala Homes have agreed to an exchange of 107 homes at Buckler’s Park, Crowthorne, in Southeast England. This is the first forward-funding transaction between Legal & General’s Suburban Build-to-Rent and Cala, which are both owned by Legal & General Capital. The 107 homes are expected to be completed in 2025 and will comprise two- and three-bedroom houses constructed to the new Part L standards with electric vehicle-charging points and air-source heat pumps. The wider Buckler’s Park 1,000-home masterplan, led by Cala’s Thames business, will include a community and sports hall, nursery, café, flexible meeting spaces, and a new primary school.
