Housebuilder sold in £1.35bn deal as Rayner eyes green belt revolution [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
Insurance giant Legal & General has agreed to sell its housebuilding business, Cala Group, to funds managed by US private equity firms Sixth Street Partners and Patron Capital. The news comes after L&G's new chief executive, António Simões, unveiled plans in June to sell the housebuilder as part of a major overhaul of the insurance giant. “As much as it's a great business, we're not the natural owners for it,” he told The Telegraph. The move comes as Ms Rayner pushes on with her plans to build thousands of homes on green belt land in a bid to hit Labour's promised target of building 1.5m homes in the next five years. Ms Rayner is seeking to overhaul planning laws to make it easier for councils to build homes on poor-quality green belt land. Mr Simões said that L&G will remain a “big player” in the housing market through its separate affordable housing operation. He said: “There's a huge need for affordable housing and we're not building enough homes in the UK. But the pla
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