Kensington to buy £2.5bn of GE Money loans
Kensington Group is reportedly in talks to buy a portion of GE Capital's specialist lending subsidiary, GE Money Home Lending.
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GE Capital announced the sale earlier this year as part of a plan to offload its capital assets. The move includes its retreat from the UK market and could lead to the sale of about £10bn of British mortgage assets, which is expected to take around 24 months to complete.
According to Sky News, the deal - which will comprise of around £2.5bn of performing UK mortgage loans - could be announced imminently unless a competing bid is made.
Kensington is expected to pay around that sum to acquire the portfolio.
Exactly a year ago, Kensington Mortgages was sold to investment firms Blackstone and TPG in a deal worth £180m.
Since then, Kensington have announced plans to launch a new residential and BTL lending brand.
GE and Kensington declined to comment at the time of writing.
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