Cala Group has acquired luxury housebuilder Banner Homes for £200m, in a deal that will propel the business into the UK's top 10 housebuilders. Cala Groun chief executive Alan Brown said Banner Homes was "a perfect strategic fit" and added that the group will move into the tenth housebuilder spot "overnight". The deal, which Construction News understands was in the region of £200m,will increase Cala Group's turnover to £500m for the year ending 30 June 2015. In the longer term the group expects turnover to rise to £800m for the year to 30 June 2017, with an average property selling price of £400,000. Mr Brown added: "We have been land-buying for the last nine months and have been able to acquire a significant amount of land to fit in with that [growth] plan. Together with the Banner acquisition, we now control more than 90 per cent of the land we need for 2017, so [our growth] plan is already underpinned by a significant landbank."
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