Urban Exposure plc (the “Company” or “Urban Exposure”), a specialist residential development finance firm and asset manager, today announces an update on trading.
Following the successful placing to raise gross proceeds of £150 million for balance sheet lending and admission to AIM on 9 May 2018, the Company is pleased to announce that since Admission, it has successfully closed its first 3 loans with a total value of £104m. The loans cover development projects in Nottingham, Cardiff and Greenwich and have values of £13.65m, £18.525m and £71.8m respectively.
The Company is working on a number of other potential loans which it expects to close shortly.
Commenting, Randeesh Sandhu, Chief Executive of Urban Exposure said:
“We are pleased to have committed almost 70% of the funds raised at our IPO in May this year and have begun our life as a listed company with positive trading momentum.
In line with our strategy, we continue to review further opportunities to provide finance to residential developers around the UK, utilising our balance sheet lending funds, while continuing to grow our third-party asset management business.”