Investec has agreed to sell its UK mortgage business Kensington to private equity firms Blackstone and TPG Special Situations Partners for £180m.
The group first announced plans to sell the mortgage arm in its interim results in February, alluding to "certain expressions of interest" from third parties. Investec bought Kensington, a UK residential mortgage lender, back in 2007. This morning, the group announced an agreement to sell the business as part of its strategy to "simplify and reshape" its specialist banking business. The mortgage arm - seen as a non-core part of its business - will be sold with a number of other mortgage assets to funds managed by Blackstone Tactical Opportunities Advisors and TPG Special Situations...
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