play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
chevron_left
volume_up
chevron_left
  • cover play_arrow

    Rother Radio (128k) Love Local, Love Music!

  • cover play_arrow

    Rother Radio (64K) Love Local, Love Music!

  • cover play_arrow

    Hit Music Radio (128K) More Music Variety!

  • cover play_arrow

    Hit Music Radio (64K) The Best Variety of Hits!

Business News

Blackstone and Sixth Street hire bankers to sell mortgage lender Kensington

today03/11/2021

Background
share close

A financial services group which specialises in home-loans to the self-employed is being put up for sale after seven years in private equity ownership.

Sky News has learnt that Kensington Mortgages and its backers have hired Morgan Stanley, the Wall Street bank, to oversee an auction of the business.

City sources said that the process, which has yet to formally get underway, could lead to a break-up of Kensington with separate buyers for its mortgage portfolios and the platform which services customers.

Banks including Santander, Lloyds, Barclays and NatWest have signed up
Image: Kensington is likely to attract interest from other banks

The company has been owned by Blackstone and Sixth Street – which was previously part of TPG, another private equity group – since 2014, when they took Kensington Group private.

Run by Mark Arnold, a former GE Capital executive, Kensington briefly changed its name to Northview but subsequently reverted to its former identity.

It is one of the largest issuers in the residential mortgage-backed securities market, having issued £12bn of mortgages since 2015.

Previously owned by Investec, Kensington is likely to attract interest from other banks while its mortgage books are likely to draw bids from yield-hungry fund managers.

More from Business

As well as the self-employed, it specialises in mortgage lending to the over-55s and consumers with multiple incomes.

The valuation of Kensington being targeted by its shareholders was unclear on Wednesday evening.

Kensington and Blackstone declined to comment.

 Sky News

© Sky News 2021

Written by: Rother Radio News


Previous post

Local News

Rotherham teacher ‘stopped breathing and couldn’t move’ after being spiked on night out

A teacher from Rotherham has shared how she was left unable to move and struggling to breathe after she was spiked on a night out in Wickersley.Sarah Croft, 36, became ill on an evening out with her friends at the end of September. She said she wanted to speak out about her experience after police confirmed three women were spiked by injection in Sheffield over the weekend. For more South […]

today03/11/2021