Residential financier Urban Exposure has sealed a deal with US private equity firm EJF Capital that will see it plough £2bn into the London and South East markets.
Washington-based EJF, which has $6.6bn (£4.3bn) of assets under management, was to be the cornerstone investor in Urban Exposure’s pulled IPO last August.
The new venture will lend on a range of residential-led new-build and refurbishment projects including mixed-use, student accommodation and private rental schemes. The company will offer a range of products, including senior and stretch senior debt, mezzanine finance and bridge finance.
Urban Exposure will hold a 70% stake in the new venture and EJF 30%.
Randeesh Sandhu, chief executive of Urban Exposure, said: “This joint venture marks the culmination of the capital-raising initiative Urban Exposure embarked on last year when EJF Capital became a cornerstone investor as part of that process, and I’m very pleased we have established a private platform through which we can now collaborate.”
Urban Exposure was advised by Freshfields Bruckhaus Deringer and EY. EJF was advised by Clifford Chance.
