LONDON (Reuters) - Patron Capital Partners is one of the bidders for Legal & General's 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 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)

(Reporting by Carolyn Cohn; Editing by Chizu Nomiyama)