Originally incorporated as a thriving land management and feu collection company in 1875, the City of Aberdeen Land Association (CALA) was the first Scottish company listed on the London Stock Market.
A century later, in 1973, Greencoat Properties acquired a 55% stake in CALA. The following year CALA moved into residential development in Aberdeen on land owned since 1900. As CALA Homes expanded, by acquisition and organic growth, moving into Edinburgh (1978), Glasgow (1987) and into England, we sought new ways to enhance shareholder value and drive the industry forward.
During that period of growth and expansion, in 1979, a group of senior managers acquired the Greencoat Properties’ stake in a management buy-in, one of the first of its kind.
In 1999 the senior management acquired the company in a management buy-out (MBO).
In 2007 plans were announced for the future of the Group which includes a range of measures designed to ensure the company’s continued independence and growth and bring forward the next generation of directors.
In December 2009 the company entered into new funding arrangements with the Bank of Scotland, securing CALA’s long term future and putting in place the resources to fund future growth.
In March 2013, CALA secured the backing of Patron Capital Partners, the pan-European institutional investor focused on property and property-backed investments, and Legal & General plc, the insurance, savings and investment management company, who put in place the necessary resources to provide the CALA with a secure financial platform from which to achieve the Group's future growth ambitions.
Over the next five years, CALA reached new heights, achieving record financial results every year during this period, doubling the size of the business in terms of new home volumes and becoming one of the fastest growing housebuilders in the UK.
Thanks to this significant momentum, in March 2018 Legal & General plc increased its shareholding in CALA to 100%, acquiring the 52.1% which it did not previously own, to further support the impressive growth the Group has delivered over recent years while strengthening CALA’s position as the UK’s most upmarket major homebuilder.