Lloyds Bank is now one of the UK’s biggest landowners, thanks largely to equity stakes in numerous builders and property companies taken out by HBOS in the boom years.

At the end of June, Lloyds’ investment property book was worth £4.6bn, down from £5.7bn at the start of the year but still larger than the land bank of any UK housebuilder and comparable to the property holdings of British Land or Hammerson.

Lloyds has about a quarter of the equity in Crest Nicholson, Miller Group and McCarthy & Stone, alongside significant stakes in Countryside and social housing specialist Keepmoat.

Yesterday’s restructuring of indebted Gladedale will leave Lloyds with the bulk of the preference shares in the builder. Royal Bank of Scotland and Barclays also hold significant real estate assets.

Financial Times