Lloyds Bank offshoot registers for-profit with former G15 bosses on board

Jane Porter, former chief operating officer at G15 landlord Southern Housing, joined Citra Pathways as a non-executive director this month, according to Companies House. 

Citra Pathways was initially incorporated in April 2024 and is owned by the bank’s Lloyds Living subsidiary, according to Companies House records.

Lloyds Living, which owns private rental homes, was formerly known as Citra Living.

The subsidiary also operates shared ownership homes and runs a “try before you buy” scheme called Pathways. The scheme allows people to rent a home before they commit to shared ownership.

A Lloyds Living spokesperson told Social Housing that through Pathways, it had seen a “clear appetite from would-be homebuyers for shared ownership”. 

The spokesperson added: “Creating a specific registered provider will enable us to expand shared ownership to a much wider audience, increasing the opportunities for homeownership by creating a more affordable pathway to owning a home.”

Another former L&Q executive is also on Citra Pathway’s board. Craig Luttman, chief strategy officer at Lloyds Living, who oversees Pathways, spent 14 years at the G15 landlord before joining the banking group in 2021.

Andrew Cowan, former head of social housing at law firm Devonshires, is also on the for-profit’s board.

Lloyds Bank has been stepping up its investment in the UK real estate sector. Last summer it revealed plans to redevelop decommissioned group data centres and former office sites for new social housing.

The group also pledged a £200m financing commitment to support local housing providers that help people experiencing homelessness and people with special needs. Lloyds also announced a pilot project to acquire homes for families at risk of homelessness.

The bank has provided £17bn of finance to social housing sector since 2018, according to chief executive Charlie Nunn.

Lloyds joins Legal & General and US investment giants Blackstone and BlackRock in operating for-profit social housing providers. Blackstone is the backer of Sage Homes, along with fellow private equity giant Regis. 

Global investment firm M&G also operates a for-profit provider that is focused on shared ownership, which it registered in 2020. 

Earlier this week, Savills predicted that for-profit providers could own at least 150,000 homes by 2030.