Investment management firm Pimco has purchased £5bn of Kensington Mortgages’ residential loan book, it has been reported.
The Mail on Sunday reported that the firm acquired part of the lender’s portfolio following a deal in June between Kensington and Barclays which saw the latter purchase Kensington’s assets in a £2.3bn agreement.
The transaction is expected to complete in late Q4 2022 and the exact sale will be determined by the value of Kensington’s mortgage portfolio upon completion.
According to reports, Pimco struck a deal with Kensington at the same time to acquire the loans Barclays did not purchase.
The mortgage book acquired by Pimco comprises securitised loans of between £4bn and £5bn, which were signed before October last year.
Earlier this year, it was reported that Barclays, Starling Bank, M&G and Pimco were understood to be bidding for Kensington Mortgages’ assets.
Pimco and Kensington Mortgages declined to comment when approached by Mortgage Solutions.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
