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KKR bids US$500m for Australian mortgage lender Pepper

Deal comes amid early signs of property market slowdown

Published Wed, Jul 5, 2017 · 09:50 PM
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Sydney

US private equity giant KKR & Co LP has moved to bolster its presence in Australia's lucrative mortgage market on Wednesday, joining a rush of players hungry for a slice of a property boom even as the sector shows early signs of slowing.

KKR Credit Advisors LLC made a US$500 million bid for non-bank lender Pepper Group Ltd at an indicative price of A$3.60 (S$3.78) per share, a 4 per cent discount to Tuesday's close. Pepper shares sank 7.2 per cent to A$3.48 on Wednesday.

Australia's A$1.7 trillion mortgage market is highly profitable with very low delinquencies and lu…

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