- July 7, 2021
- Posted by: Stratford Team
- Category: Business
Lloyds Banking Group has announced its entry into the private rental market, aiming to buy more than 1,000 residential properties by the end of next year as it looks for ways to diversify its income in a period of low interest rates.
The group, which also owns brands such as Scottish Widows, Halifax and Bank of Scotland, will run the business under the brand “Citra Living”.
Andy Hutchinson, Citra managing director, told the Financial Times that the move to become a major landlord was a “natural extension” of its existing businesses and “will benefit shareholders as well as customers”.
The bank expects to have its first tenants within the next few weeks, at a recently-completed development of 45 apartments in Peterborough.
Hutchinson said Lloyds was in discussions about purchasing several other developments that are already under construction, but it hopes to build the bulk of its portfolio through partnerships to develop new sites from…
