LONDON, June 12 (Reuters) - Patron Capital Partners is

one of the bidders for Legal & General's ( LGGNF ) housebuilder

CALA, in a deal expected to raise around one billion pounds

($1.28 billion), a source familiar with the matter said on

Wednesday.

Legal & General ( LGGNF ) announced a revamp of its business on

Wednesday, saying that CALA was marked for "potential

divestment".

Legal & General and Patron Capital were previously joint

owners of CALA. L&G acquired the 52% in CALA that it did not

already own from Patron in 2018.

L&G was lining up investment bank Rothschild to oversee the

potential sale of CALA, a source told Reuters earlier this year.

Sky News reported the news of Patron's interest in CALA

earlier on Wednesday.

($1 = 0.7791 pounds)