News Column

Urban Exposure becomes latest company to drop plans to float

August 6, 2014


RESIDENTIAL property lender Urban Exposure yesterday became the latest company to scrap plans to float, blaming London's lacklustre IPO market.

The investment firm, founded by former Deutsche Bank risk analyst Randeesh Sandhu, had planned to raise 500m to help fund the construction of more homes in London and the south east.

However, in a statement yesterday, the group said it had decided not to proceed "due to the prevailing IPO backdrop".

"Management received an encouraging response from prospective investors and the process has resulted in ongoing discussions with a number of them to provide private funding to the wider Urban Exposure Group," it said in statement.

The news marks the latest in a run of failed IPOs, including industrial property firm Clipstone, which pulled plans last week.

Student property fund Brandeaux, retailer Fat Face and Wizz Air, the Hungarian airline, have also cancelled plans to float due to recent market worries and disappointing debuts from Saga and Card Factory.

Urban Exposure has signed 476m of financing deals and has a 3bn pipeline of further projects equal to 8,000 homes, which it said will be financed by private funding arrangements already in place.

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Source: City A.M. (UK)

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