L&G and Patron will each take a 46.5% stake in the business from Lloyds Banking Group in a deal valuing the Edinburgh-based business at £210m.
The existing Cala management team will hold the remaining 7% stake.
Chief executive Alan Brown said: “”Having invested heavily in growing our land bank since 2010, we are now very well positioned to grow the business significantly over the next five years.
“From our perspective, the timing of this transaction is perfect and I am tremendously excited about what this deal means for our business as we look forward to a long and fruitful relationship with Legal & General and Patron, both of whom share our values and are passionate about this new partnership.”
He said trading at the firm during the first eight weeks of 2013 has been “exceptionally strong”, with 154 homes sold at an average price of £333,000.
Cala’s current land bank comprises 15,300 plots, including 9,900 owned and contracted, which represents about 10 years’ output on current projections, with a potential gross development value of £3.1bn.
The upmarket house builder plans to focus on affluent areas of the country like Aberdeen, the Cotswolds and Home Counties where house prices are more stable.
Keith Breslauer, MD of Patron said: “This significant transaction for Patron highlights our confidence in Cala, its growth potential and the group’s competitive position in the UK housebuilding sector, which is one of the key areas of focus for the economy due to its ability to create jobs and fuel economic growth.
“A continued under supply of new housing in the UK, coupled with the availability of land at a lower point in the cycle and legislation to promote development creates a favourable backdrop for this deal.”