More details have emerged of Lloyds Bank’s plan to become a landlord - and the proposal is even more ambitious than first thought.
Lloyds - which in recent months has set out broad proposals to become a residential landlord - was thought to be going into the Build To Rent niche sector.
However, the Financial Times now says the bank has set itself a ‘strategic challenge’ of buying 10,000 existing properties by the end of 2025, then a total of 50,000 by 2030.
The figures have been revealed in an internal job advertisement within the banking group, and seen by the Financial Times.
In June it was revealed by the FT that the bank’s first acquisition would be a new-build block in Peterborough; the first tenants are expected to move in shortly.
This and all other units purchased by Lloyds will be managed by its own subsidiary called Citra Living, which was set up this year, according to filings at Companies House.
This week’s internal advertisement giving details of the proposals stated that Citra would have a balance sheet worth £4 billion and generate £300m million pre-tax profit with 10,000 homes.
It said Citra may consider mergers and acquisitions or strategic alliances to reach the targets.
Lloyds, which owns the UK's biggest mortgage lender - the Halifax - is keen to become a major player in the rental sector.
It is thought that becoming a landlord could allow Lloyds to sell other products to tenants, such as insurance or loans for deposits.
Lloyds owns the Scottish Widows and Bank of Scotland brands and has involvement with wealth management and insurance services.
In its full-year results in February it said it was committed to broadening access to homeownership and exploring opportunities to increase support to the rental sector.
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