Legal & General sells Cala for £1.35bn

Legal & General has agreed the £1.35 billion sale of housebuilder Cala to investment company Sixth Street Partners and Patron Capital – the former owner of Cala that sold its stake six years ago to L&G in a deal that then valued the firm at £605 million.

According to Housebuilder’s new Top 25 listing which will be published in October, Cala is Britain’s ninth biggest housebuilder, building 2,917 homes in Scotland and England, employing 1,475 people with a turnover of £1,252 million.

“Today’s announcement is excellent news for Cala,” said Kevin Whitaker, chief executive of Cala. “The acquisition by Sixth Street Partners and Patron Capital demonstrates confidence in Cala’s business plan and growth potential, as our talented team continues to build high quality, sustainable new homes throughout the UK. L&G has been a great support to Cala throughout its investment and ownership. Since 2013, we have grown revenues and profits five- and ten-fold respectively, and tripled the number of homes we build each year.”

Julian Salisbury, co-chief investment officer of Sixth Street, said: “Cala has a bright future and we are proud to be entering this new chapter as stewards of a company with such a …