Richard Story, former head of equity finance at Lehman Brothers, is to lead a new venture to provide debt to cash-starved residential developers in the south-east of England.
Richard Story, former head of equity finance at Lehman Brothers, is to lead a new venture to provide debt to cash-starved residential developers in the south-east of England.
Story has been appointed managing director at UK-based private equity real estate firm Henley Investments to head up the new initiative. The debt business will be funded by Henley's institutional limited partners, who are providing more than £200 mln (€230 mln).
Story has spent the last seven years running his own private lending company, RS Property Finance, since leaving Lehman's in 2006. 'There is a significant shortage of capital available to the private UK house building sectors and our objective is to help bridge that gap.'
