Citra Living, the name for the private rental division of Lloyds Banking Group, has boosted its lettings property portfolio.

But mystery surrounds the cost of the purchase – it is refusing to say how much it spent on acquiring a development in Manchester from an investment fund called Corebridge Real Estate Investors.

Completed in 2020, the development – called Broadside and comprising 274 flats and two retail units spread across two separate eight and 10-storey blocks – is in an area of the city called New Cross. 

The various one, two and three-bed apartments are all fully let to private tenants who now become, in the words of a Lloyds statement, “Citra customers.”

Broadside has electric vehicle charging points and a bike storage area plus a 24-hour concierge service, lounge and co-working space, fitness studio and two communal rooftop terraces.

With the completion of this transaction, Citra’s portfolio stands at around 4,300 homes around the UK, of which 2,500 are delivered and occupied.

Citra chief executive Andy Hutchinson says: “This acquisition represents another step in the evolution of Citra’s strategy and customer offerings.It adds significant size and choice, in an important location, to our growing portfolio. While our focus remains on additive acquisitions, those that grow the availability of much needed rental homes in the places people want them, the secondary market is a developing one and one we will continue to explore to broaden the mix of property types and locations we can offer.”