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Barclays, Starling Bank, M&G and Pimco eyeing Kensington Mortgage assets – reports

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  • 26/01/2022
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Barclays, Starling Bank, M&G and Pimco eyeing Kensington Mortgage assets – reports
Barclays, Starling Bank, M&G and Pimco are understood to be bidding for Kensington Mortgages’ assets after it was put on sale last year, with the total transaction value expected to be £1bn or more.

 

According to a report from Sky News, Barclays and Starling Bank are bidding for the specialist lender’s platform, whilst M&G and Pimco are competing for its mortgage assets. The auction is reportedly being managed by Morgan Stanley.

Kensington was reported to have been put up for sale in November last year, having been purchased by funds managed by Blackstone and TPG in 2015.

It has most recently partnered with Proportunity to offer a combined loan and has teamed up with Rothesay for a long-term fixed rate mortgage.

Last year it also launched a credit recovery range and re-entered the 95 per cent loan to value space.

According to its website, the lender is one of largest issuers of residential mortgage-backed securities, having sponsored 21 securitisations totalling over £11.5bn since 2015.

In 2021 alone it placed a £425m mortgage bond, upsized its Finsbury Square green securitisation to £750m and completed a £473m eco-friendly securitisation. 

Kensington, Starling, Barclays, M&G and Morgan Stanley and Pimco declined to comment.

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Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course. She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021. In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business. She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023. Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum. In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.

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