The Cala Group consists of Cala Homes and its sister company Legal & General Homes. Cala Homes has been active in residential development since 1974 and has always been committed to providing the highest standards in terms of build quality and customer service. Legal & General acquired a significant stake in Cala Homes in 2013 before expanding its stake to 100% in 2018. With the long-term goal of delivering more than 3,000 homes per year, Cala Group continues to establish itself as one of the UK`s largest builders, employing over 1,000 people in 10 offices and over 75 developments. Legal & General has invested more than £29 billion in levelling the regional economy, including through major regeneration schemes in the UK, and has recently committed to operating all new net-zero carbon homes from 2030. “Over the past five years, we have become one of the fastest growing builders in the UK, which is a testament to the strength and ambition of our team, the quality of our homes and our approach to customer service. We have also benefited from the continued support of our shareholders, and I would like to take this opportunity to thank Patron for their support alongside Legal & General. As General Counsel, Jen is responsible for providing a wide range of legal, strategic and commercial advisory, governance and corporate secretarial services to CALA. Keith Breslauer, Managing Director of Patron Capital, said: “With the combined resources of Patron and De Legal & General, we have successfully worked with the management team to support the company`s growth and consolidate CALA Homes` position in the market.

Over the past five years, CALA Homes has grown significantly, doubling the annual volume of homes sold and quadrupling operating profit, implementing the business plan established at the time of the acquisition of Patron and Legal & General. CALA Homes is one of the UK`s leading providers of quality family housing. In 2017, a total of 1,677 achievements were achieved. Of these completions, 1,322 private homes were sold with an average sale price of £497,000. More than 60% of the profits came from the English regions (the rest of Scotland), with 21% of the units delivered (355 units) being affordable housing. – During its fiscal year ending June 30, 2013, CALA Homes completed the sale of 850 homes; in the year ending June 30, 2017, 1,677 sales were made, an increase of 2.0 times. Cala Group is a leading British builder, consisting of Cala Homes and its sister company Legal & General Homes, and focuses on building well-designed, high-quality homes in prime locations in the South of England, the Midlands and Scotland. Cala Homes is a British housing company headquartered in Staines-upon-Thames, England. [1] Legal & General believes that CALA Homes has attractive growth prospects under its continued ownership, based on Legal & General Capital`s long-term investment approach and the attractive residential construction market in the UK. Patron represents approximately €3.4 billion of capital in several funds and related co-investments and invests in real estate, operating companies whose value is mainly supported by real estate assets and non-performing activities related to debt and credit. Jen joined CALA in 2013 as Legal Counsel and was appointed Chief Legal Officer in July 2018. If you are a journalist and have a media inquiries, please contact our local press office: * L&G CAPITAL ACQUIRES FULL OWNERSHIP of CALA HOMES Slaughter and May has worked closely with Natasha Mora, Geoffrey Timms and Harriet Gallagher-Powell of Legal & General`s in-house team.

Investors represent a variety of sovereign wealth funds, leading universities, large institutions, private foundations and high net worth individuals in North America, Europe, Asia and the Middle East. The fund`s lead investment advisor is Patron Capital Advisers LLP, based in London, and Patron has other offices across Europe, including Barcelona, Milan and Luxembourg; The group consists of 76 people, including an investment team of 43 people. Slaughter and May advises Legal & General on the acquisition of the 52.1% stake in the CALA Homes Group, which it did not previously hold from Patron Capital and CALA`s management team. Since its inception in 1999, Patron has invested in more than 74 investments and programs involving more than 65 million square feet (6 million square meters) in 16 countries, many of which have been completed. Sign up for a free trial of our full service with www.breakingviews.com/trial and follow us on Twitter @Breakingviews and www.breakingviews.com. All opinions expressed are those of the authors. Legal & General is launching a three-year partnership with the children`s financial education charity RedSTART Cala Homes (Gaelic Dachaighean Cala) was founded in 1875 as the City of Aberdeen Land Association. It has become one of the UK`s largest home builders. Between 1999 and 2013, Bank of Scotland held a majority stake in the company[2] until Legal & General and Patron Capital each held a 46.5% stake in the company in March 2013. [3] In 2014, it bought rival Banner Homes for £200 million.

[4] Legal & General took full control of Cala Homes in March 2018. [5] Alan Brown, Managing Director of CALA Homes, commented: “Today`s investment by Legal & General marks the beginning of an exciting new chapter for CALA Homes and is a fantastic confirmation of our growth potential from one of the UK`s most respected blue-chip investors, who shares our long-term vision. Kerrigan Procter, Chief Executive Officer of Legal & General Capital, said: “Legal & General is pleased to fully acquire CALA Homes, a growing company we know and understand well. The company has a strong management team with a proven track record of running a residential construction business through economic cycles and has generated significant shareholder returns since its acquisition in 2013, having tripled revenues during that time. I look forward to working with the team as CALA Homes evolves and grows under our ongoing property. * The overall valuation of 100% of CALA Homes` equity was £605 million. Reuters Breakingviews is the world`s leading source of financial information on agenda setting. As a Reuters brand for financial commentary, we dissect the stories of big business and the economy as they break every day around the world. A global team of around 30 correspondents in New York, London, Hong Kong and other major cities provides real-time expert analysis. Its purpose is to invest the capital of the company for the benefit of the company.

LGC`s investments, which invest in the real economy and support the group`s focus on climate and inclusive capitalism, create jobs, change lives and contribute to a future without net carbon. For press inquiries, please use the press contact details listed below. Please note that telephone conversations may be recorded for training and monitoring purposes. Legal and General: Continuing positive momentum and a strong balance sheet despite market volatility We create vibrant and healthy communities where people want to live for the long term and we are committed to providing the highest standards of build quality and customer service. Legal & General expands its support to clients with changes across the product line Legal & General is pleased to take full ownership of CALA Homes, a growing company we know and understand well.