LONDON (Reuters) - Legal & General Capital (LGEN.L) has taken full control of British housebuilder Cala Homes in a deal that values the company at 605 million pounds ($840.35 million), the FTSE-100 insurer said on Tuesday.
The insurer said it spent 315 million pounds to buy the 52.1 percent stake it did not own, adding that Cala had grown its revenues threefold from 241 million pounds in 2013 to 748 million pounds in 2017.
L&G took a 46.5 percent stake in Cala back in 2013. It has now bought out its fellow major shareholder, the property investor Patron Capital.
L&G Capital boss Kerrigan Procter said Cala Homes had attractive growth prospects under L&G’s continued ownership.
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.”
($1 = 0.7199 pounds)
Reporting By Pamela Barbaglia, editing by Sinead Cruise