Invested confirmed it was looking to sell Kensington in February and a number of firms were rumoured to be bidders.
But this morning, Investec announced to the stock exchange that Blackstone and TPG had bought the mortgage its mortgage arm. Investec says the sale is based on Kensington’s tangible net asset value of £165m.
Completion is expected towards the end of 2014 and is subject to anti-trust and regulatory approvals, including approval from the UK Financial Conduct Authority and finalisation of the purchaser's financing commitments.
According to Sky News, former Barclays COO Ian Henderson is to set to become chief executive at Kensington Mortgages once the sale is complete,
