David Fickling, Columnist

KKR's Each-Way Bet on Aussie Housing

Having a foot in both lending and servicing makes a great deal of sense.

August 10, 2017 at 4:15 AM UTC

David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.

1502338078_630806563 — Photographer: DeAgostini/Getty Images

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Did KKR & Co. just go long Australian housing? Not quite.

The private equity firm's A$676 million ($532 million) offer for non-bank mortgage lender Pepper Group Ltd. certainly looks like a bet that some of the world's least-affordable housing markets can keep on growing, despite eye-popping prices and rising mortgage delinquencies.