Scottish housebuilder Cala sold in £1.3bn deal by Legal & General

Housebuilder dies after his £17.5m mansion is destroyed in a huge fire

Legal & General sells Scottish housebuilder Cala in £1.3 billion deal

Cala Group, one of Scotland's largest housebuilders, has been sold to Legal & General in a deal worth £1.3 billion.

The deal, which was announced on Monday, will see Legal & General acquire Cala's entire share capital. Cala's management team will remain in place and the company will continue to operate as a standalone business within Legal & General's investment management division.

Founded in 1875, Cala is one of Scotland's leading housebuilders, with a strong track record of delivering high-quality homes across the country. The company has a land bank of over 30,000 plots and is currently building homes at over 50 sites across Scotland.

Legal & General is a leading international financial services group with a focus on long-term investing. The company has over £1 trillion of assets under management and is a major investor in a wide range of asset classes, including infrastructure, property, and renewable energy.

The acquisition of Cala is a major coup for Legal & General, which is looking to expand its exposure to the UK housing market. The deal will also give Cala access to Legal & General's financial resources and expertise, which will help it to continue to grow its business in the years to come.

Commenting on the deal, Cala Group CEO Kevin Whitaker said: "This is a landmark day for Cala Group and for the Scottish housebuilding industry as a whole. Legal & General is a world-class investor and we are delighted to be joining forces with them.

"This deal will provide Cala with the financial resources and expertise we need to continue to grow our business and deliver even more high-quality homes for people across Scotland.

Legal & General Investment Management CEO Bill Hughes said: "Cala is a highly respected housebuilder with a strong track record and a bright future. We are delighted to be acquiring the company and we look forward to working with the management team to help Cala continue to grow and prosper.

"This acquisition is a major milestone in our strategy to expand our exposure to the UK housing market. We believe that the UK housing market is a long-term growth market and we are committed to investing in this sector for the benefit of our customers and shareholders.