Urban Exposure has successfully raised £150m of proceeds in order to launch its proposed IPO.
The non-bank property development finance company will have an initial market capitalisaiton of £165m on admission and will being trading today.
Chief executoive Randeesh Sandhu said: “Urban Exposure has a clear strategy to provide finance to residential developers around the UK and we look forward to utilising the funds raised as a balance sheet for lending while continuing to grow our third-party asset management business.
“To deliver the government’s housebuilding target of 300,000 homes per year, another £20.8bn of development finance is needed per year for the next decade – more than double the current market size.
“Building on our strong track record and aligning ourselves with the UK government’s housing strategy, Urban Exposure is well placed to help plug this funding gap.”
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