Lloyds Bank rental property initiative signs PropTech deal

Citra Living, the Build To Rent offshoot of Lloyds Banking Group, continues with its growth strategy into the private rental sector.

Citra owns and operates a portfolio of more than 2,000 homes across the UK; just a month ago it acquired 156 new properties from the country’s largest housebuilder Barratt as part of a strategic partnership between the two. 

Now Citra has entered into a deal with Utopi, a technology firm, which will see Utopi’s data and technology integrated into Citra’s schemes across Britain. 

There will be an initial roll-out to 92 homes across four locations this summer. 

A statement says: “This agreement will mean Citra not only continue to achieve the highest standards of sustainable real estate, but also enhance the operational efficiency of their homes and help them drive closer to net zero carbon targets. Aside from the sustainability focus, this is also an agreement that will support Citra’s goal to offer more affordable housing for the UK rental market by helping ease the financial burden of utility costs on its customers.”

Citra’s chief strategy offices, Craig Luttman, says: “This … will both help reduce energy costs for our customers and help us progress towards our net zero carbon ambitions. The ability to closely monitor the performance of our homes across the UK and to use these insights will drive positive changes for our customers and improve the energy efficiency of our growing portfolio. This is the start of an exciting partnership for Citra Living.”