UEX.L Share News (UEX)

(Sharecast News) - Residential development finance firm Urban Exposure on Friday launched a joint venture that will focus on financing mainstream housing throughout the UK with leading global investment firm KKR.The terms of the JV stipulate that Urban Exposure will originate, execute and manage development loans in the residential market which, in conjunction with KKR's significant financial and operational expertise, will assist in driving continued growth and build further scale."We are pleased to have closed this joint venture, which is a continuation of our strategy to grow our third-party asset management business whilst also continuing to deploy our balance sheet lending funds," said Urban chief executive Randeesh Sandhu.The AIM traded firm said the venture will take advantage of unmet demand for development finance, particularly for SME housebuilders, and set Urban Exposure on course to achieve its objective of aiding the increase of UK mainstream housing supply.Analysts at Liberum said Urban was "rapidly building a presence as a leading provider of development finance to UK SME housebuilders, serving a chronically undersupplied housing market".The project also fits Urban Exposure's strategy to expand its asset management business after a successful placing raised £150m following it admission to AIM on 9 May."We believe the venture will demonstrate our ability to deliver shareholder value by combining our experience with KKR's significant financial and operational expertise," said Sandhu.Urban Exposure shares were up 3.21% at 112.50p at 1109 BST.