During joint-ownership, Cala grew revenue from £241m in 2013 to £748m in 2017, and profits grew at an annual rate of 12% over the last three years.
The group said: “If Cala Homes had been 100% owned by Legal & General during 2017 on a post-transaction basis, the operating profit before tax would have been £91.5m. Legal & General reported operating profit before tax for its 47.88% stake in CALA Homes in 2017 of £42.5m.”
The total valuation of 100% of the equity in CALA Homes was £605m.
The acquisition cost of the 52.1% share capital Legal & General did not own was £315m plus additional transaction costs and financial adjustments to reflect Patron’s contribution.
Kerrigan Procter, chief executive officer of Legal & General Capital, said: “Legal & General is delighted to assume full ownership of Cala Homes, a growing business which we know and understand well.”
He continued: “Legal & General has valued the contributions of Patron over the past years and is pleased to have successfully grown the business together.”
Alan Brown, chief executive of CALA Homes, said: “Today’s investment by Legal & General marks the start of another exciting new chapter for Cala Homes and is a fantastic endorsement of our growth potential from one of the UK’s most highly-respected, blue-chip investors who shares our long-term vision.”
Patron said it remains committed to the UK residential sector with its “extensive investment activities in this area.”