Electra Private Equity sells interests in housebuilders for £94m
FTSE 250 investor Electra Private Equity has sold its interests in housebuilder Cala Group and Retirement Bridge Group, a home reversion equity release provider, to Patron Capital Partners for a combined £94m.
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Retirement Bridge was a 50:50 joint venture with Patron after it was carved-out of Newcastle-based landlord Grainger.
Following Electra's termination of its management contract with Epiris, a private equity fund manager, the company said that it was unable to support the business plan for Retirement Bridge, which has lead to the sale.
In 2013 Electra made a £13m investment alongside Patron and Legal & General in the £210m acquisition of Cala from Lloyds Banking Group, and in 2014 Electra increased its investment in Cala to £32m to support land purchases and the acquisition of Banner Homes, an upmarket housebuilder.