Lloyds Bank

New home developer buys out bank stake in firm

Developer Kier have purchased Lloyds Bank's stake in jointly owned property assets, including land for the construction of more new homes, for £91m.

Under terms of the agreement, the developer will make an initial payment of £35m, with a further £30m to be paid in October 2012, followed by a final installment of £26m in 2013.