Lloyds Bank becomes residential landlord as Citra Living opens its doors

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PLC () is becoming a private landlord and said it wants to acquire more than 1,000 residential properties by the end of next year. The bank expects to have its first tenants within the next few weeks in Fletton Quays in Peterborough under the new brand name "Citra Living".  Lloyds added its plans are to acquire around 400 properties by the year-end and double that number over the following twelve months. Andy Hutchinson, Citra’s managing director, told the FT that Lloyds was in discussions about purchasing other developments already under construction, but eventually aims to build the bulk of its portfolio through partnerships to develop new sites from scratch. Lloyds is one of the UK’s largest mortgage lenders and the move into property rentals while seen=mngly a logical extension of this also highlights the pressure on retail banks to make money with interest rates almost at zero. Partnerships are a fast-growing sector of the property market with today housebui
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