Housebuilder sold in £1.35bn deal as Rayner eyes green belt revolution

Ms Rayner is seeking to overhaul planning laws to make it easier for councils to build homes on poor-quality green belt land. “Therefore we see a big opportunity that’s both good for society obviously because lots of people are waiting for affordable homes, but also very good for our shareholders.” The British insurance and investment giant will reap £1.16bn in cash proceeds from the sale once it completes at the end of the year, which values Cala at £1.35bn. The sale sees Cala return to its previous owner Patron Capital, which offloaded its majority stake in the housebuilder to L&G six years ago. The deal Keith Breslauer, managing director and founder of Patron Capital, said the buyers plan to further build Cala and “help tackle the undersupply of homes in the UK”. Mr Simões said that Patron Capital and Sixth Street presented a “really attractive valuation” for Cala and provided “certainty” about the sale completing, allowing L&G to focus on growing its other businesses.