News & Analysis

Barclays doubles money on mortgage exit

Barclays Private Equity has sold its 66 per cent stake in Preferred Mortgages to Lehman Brothers for 2.3 times its original investment, generating an IRR of over 40 per cent.

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Barclays Private Equity (BPE), the mid-market private equity business, has achieved a successful exit of Preferred Mortgages, the UK mortgage provider it acquired as part of a £270m management buyout in 2001.

BPE acquired a 66 per cent stake in the business in 2001 with Rotch Property Group, the vendor, retaining a minority stake.

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