Blackstone, TPG to bid for UK mortgage lender Kensington: Sky News

Wed May 21, 2014 5:07pm EDT

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(Reuters) - Blackstone Group LP (BX.N) and TPG Capital Management LP TPG.UL are expected to make a combined offer for Kensington, one of Britain's biggest specialist mortgage lenders, Sky News reported on Wednesday.

The news service said that the two private equity companies are expected to bid for Kensington, which is owned by Anglo-South African banking group Investec, which sponsors the England cricket team, by the end of the month. (link.reuters.com/xeh59v)

According to the Sky, Blackstone and TPG are understood to be competing against at least three other bidders one of which is said to be Lonestar, a specialist U.S. property investor.

Other bidders for the business are reported to have included Goldman Sachs, Virgin Money and Metro Bank, although at least two of them are understood no longer to be involved, Sky News said.

Blackstone and TPG could not be reached for comment outside of normal business hours.

(Reporting by Aashika Jain in Bangalore; Editing by Peter Galloway)

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