Lloyds Banking Group has taken another significant stride in its foray into the private rental sector with the recent acquisition of 63 homes from national housebuilder Keepmoat. This move, initially announced in 2020, solidifies Lloyds’ position in the housing market and marks a pivotal step in their strategy to bolster the rental housing landscape.

The properties, situated within Keepmoat’s Waterside development in Leicester, will fall under the purview of Citra Living, an entity primarily established by Lloyds to oversee its Build To Rent operation. Comprising a mix of eight apartments and 55 houses catering to a spectrum of housing needs—from small families to commuters and empty-nesters—the properties are strategically designed to cater to diverse resident preferences while being conveniently located near Leicester city centre.

Of the total properties, seven have already been handed over to Citra, with the remaining 56 slated for completion by August 2024. This endeavour is a testament to the collaborative efforts between Citra and Keepmoat, as emphasized by Lloyds, aimed at augmenting the inventory of premium rental accommodations across the UK through purpose-built properties.

Andy Hutchinson, Citra Living’s managing director, expressed enthusiasm about the acquisition, stating, “The unused brownfield site at Leicester’s waterside has so much potential… It is set to become a vibrant new neighbourhood that will benefit the community for generations to come.” Hutchinson further emphasized Citra’s commitment to offering long-term rental solutions in proximity to employment hubs and amenities, addressing the glaring shortage of rental housing in Leicester.

Similarly, Keepmoat’s regional managing director, Tristin Willis, lauded the partnership with Citra as a significant milestone in progressing the development of previously disused brownfield land at Waterside. Willis highlighted the joint commitment to creating sustainable communities, underlining the partnership model that allows collaboration across local authorities, partners, and housing associations to deliver much-needed, sustainable homes.

The acquisition of these homes in Leicester adds to the momentum of Lloyds Banking Group’s strategic expansion into the rental sector, aligning with their vision to address housing shortages while fostering sustainable communities across the UK.