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27 Jul 2018 07:00
27 July 2018
Urban Exposure plc
Announcement of joint venture with KKR to provide combined £165m of development finance
Urban Exposure plc (the "Company" or "Urban Exposure"), a specialist residential development finance firm and asset manager, today announces the launch of a joint venture with KKR, a leading global investment firm, to focus on financing mainstream housing throughout the UK. The venture will have an initial size of £165m.
Under the terms of the venture, Urban Exposure will originate, execute and manage development loans in the residential market which, combined with KKR's significant financial and operational expertise, will help drive continued growth and build further scale.
The JV will take advantage of unmet demand for development finance, especially amongst SME developers, and align the Company with its objective of aiding the increase of mainstream housing supply across the UK.
The joint venture is in line with Urban Exposure's strategy to grow its Asset Management business following the successful placing raising gross proceeds of £150 million and its admission to AIM on 9 May 2018.
Commenting, Randeesh Sandhu, Chief Executive of Urban Exposure said:
"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. The scale of the venture means we can offer further significant support to SME developers as they seek funding for mainstream housing projects across the UK. We believe the venture will demonstrate our ability to deliver shareholder value by combining our experience with KKR's significant financial and operational expertise."
KKR's investment is being made through its Credit funds, which currently have assets under management of $60.7bn as of 30 June 2018.
Enquiries:
Urban Exposure plc | Tel: +44 (0) 845 643 2173 |
Randeesh Sandhu, CEO |
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Liberum Capital Limited (Nominated Adviser and Sole Broker) | Tel: +44 (0) 20 3100 2000 |
Neil Patel |
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Gillian Martin |
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Jonathan Wilkes-Green |
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Louis Davies |
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MHP Communications (Financial Public Relations) | Tel: +44 (0) 20 3128 8100 |
Barnaby Fry |
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Charlie Barker |
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Sophia Samaras |
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Notes to Editors
Urban Exposure plc is a specialist residential development finance and asset management company that has been formed to provide finance for UK real estate development loans. The Company focuses on two main revenue streams: interest and fees generated on principal lending from its own balance sheet; and asset management income generated from managing and servicing real estate development loans financed by third parties. For additional information please visit Urban Exposures website: www.urbanexposureuk.com and on twitter @UrbanExposureuk , Linkedin: www.linkedin.com/company/urban-exposure/ and Facebook: www.facebook.com/UrbanExposureUK/
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