Urban Exposure appoints CFO as it reports strong growth
Residential development and asset manager Urban Exposure has appointed Sam Dobbyn as its CFO. He will join the board from TP ICAP in July.
Finance director Trevor DaCosta will step down from the board, but will continue in his role and will report to Dobbyn.
The announcement came as Urban Exposure reported a strong loanbook for the period from 10 April 2018 to 31 December 2018.
Residential development and asset manager Urban Exposure has appointed Sam Dobbyn as its CFO. He will join the board from TP ICAP in July.
Finance director Trevor DaCosta will step down from the board, but will continue in his role and will report to Dobbyn.
The announcement came as Urban Exposure reported a strong loanbook for the period from 10 April 2018 to 31 December 2018.
It committed £525m across 16 loans in the period, including a £165m discretionary senior debt facility with UBS for its exclusive partnership with Kohlberg Kravis Roberts. It deployed £93m of this.
Urban Exposure’s assets under management stood at £371m at the end of the period, with a NAV of £151m and NAV per share of 95p. Income totalled £3.9m, and the company made a £1.1m operating loss.
Chief executive officer Randeesh Sandhu said: “We have expanded and developed our asset management activities to increase the funds available for deployment, raising £371m of new capital in the period, making great strides in building on our existing relationships. We also have a substantial live pipeline of £670m potential new loan transactions.”
Sandu estimated a potential lending opportunity of £394m, in line with the government target of 300,000 new homes a year, with a potential “funding gap” of £237bn of development finance.
He added: “The very significant scale of this shortfall gives us confidence that we will be able to build our market share, achieving revenue growth, profitability and long-term shareholder value.”
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