18 Oct 2018 07:01
Urban Exposure plc (UEX) Urban Exposure plc: Trading Update 18-Oct-2018 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 18 October 2018 Urban Exposure plc
Trading Update
Urban Exposure plc (the "Company" or "Urban Exposure"), a specialist residential development finance firm and asset manager, today announces an update on trading.
In the period from 3 July 2018 to 17 October 2018, the Company has successfully closed 7 new loans, bringing total lending commitments since the IPO to c. £230 million. The loans cover development projects across the country, including Falmouth, Birmingham and Liverpool. Since the IPO, the Company has committed in aggregate to finance the construction of 975 private residential homes, 86 affordable housing units and 45,000 sq ft of commercial real estate (including office space, retail and a hotel). The weighted average LTV of the loan book is 62.5% with returns in line with expectations.
The Company is working on a number of other loans and asset management strategies which it expects to close shortly.
Randeesh Sandhu, Chief Executive of Urban Exposure, said:
"We have a strong pipeline of opportunities to provide finance to high quality residential developers for mainstream housing projects across the UK and look ahead with confidence in continuing to deliver on our strategy to efficiently utilise our balance sheet lending funds, while growing our third-party asset management business."
Enquiries:
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 Exposure's website: www.urbanexposureuk.com and on twitter @UrbanExposureuk , Linkedin: www.linkedin.com/company/urban-exposure/ and Facebook: www.facebook.com/UrbanExposureUK/ |
| ISIN: | GB00BFNSQ303 |
| Category Code: | TST |
| TIDM: | UEX |
| LEI Code: | 213800Q7WLHGIHUFBT43 |
| Sequence No.: | 6246 |
| EQS News ID: | 734779 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.