The deal valued CALA at £210m including £70m of debt and £140m of equity.
The firm noted that CALA saw significant growth in 2012 and this trend has continued into this year with an increase in private home sales with similar average prices.
Electra said the acquisition will allow it to further expand its current land bank of 9,000 owned and contracted plots.
Electra, which is headquartered in London, had £1.3bn of assets under management at the end of September last year. The firm typically invests between £40m to £120m in deals with an enterprise value of up to £300m.
Earlier this year Electra exited its stake in esure for a return of three times and acquired UBM’s data services businesses.
It has also invested in a portfolio of private equity funds.
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