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Freshfields advises Blackstone and Sixth Street on completion of Kensington Mortgages sale to Barclays Bank UK PLC

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised companies controlled by funds managed by or affiliated with Blackstone Tactical Opportunities (‘Blackstone’) and Sixth Street Partners (‘Sixth Street’) on completion of the sale of mortgage lender Kensington Mortgages (‘Kensington’), together with a portfolio of UK mortgages, to Barclays Bank UK PLC (‘Barclays’).
Kensington, which is based in Maidenhead, has around 600 employees and originated approximately £1.9 billion of mortgages (including retentions) in the year ended 31 March 2022. Blackstone and Sixth Street jointly owned the business since 2015 during which time Kensington improved its processes and expanded its product offerings while achieving an extended period of accelerated growth.
The business is recognised in the industry for having a market-leading data and technology platform, which has facilitated profitable growth, product innovation and exceptional loan underwriting performance.
The Freshfields team advising longstanding clients Blackstone and Sixth Street is led by London-based private equity partner James Scott, senior associate Jay Swain, and associates Oscar Berry, Nick Surgey, Stephanie Paterson and Harry Parkhouse. The team includes partners Peter Clements, James Smethurst and Tom McGrath advising on tax, financial regulatory and antitrust matters, respectively.

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