FINANCE: Blackstone and TPG Special Situations Partners have confirmed their agreement to buy specialist UK residential mortgage lender Kensington from Investec.
Kensington specialises in buy-to-let mortgages and was founded in 1994. It listed on the London Stock Exchange from 2000 to 2007.
South African-based bank Investec put the business on the market earlier this year.
Blackstone and TSSP have appointed Ian Henderson, who joins from specialist bank Shawbrook, as group chief executive to lead the development of their mortgage lending strategy and broader finance capabilities. Keith Street will continue to lead the Kensington mortgage business.
Completion of the transaction is subject to regulation and antitrust approvals.
sophia.furber@estatesgazette.com
