The former managers of AIM-listed UK property lender Urban Exposure have launched a new real estate debt business called Précis Capital Partners.
Randeesh and Daljit Sandhu stepped down as CEO and COO of Urban Exposure last June after the board carried out a review encompassing the company’s governance arrangements, a loan to a charitable foundation and the management’s proposed sale of the group’s loan book.
Urban Exposure is currently being wound down.
The Sandhus have found backing for their new vehicle from US hedge fund TowerBrook Capital. The former head of real estate finance at Santander UK Corporate Banking, Susan Geddes, is also on board, as credit committee chair.
Précis Capital’s strategy is the same as Urban Exposure’s, focused on higher return residential lending to UK developers in loan amounts of £50 mln-plus.
The sectors targeted are residential for sale, build to rent, retirement living, co-living and student accommodation.
TowerBrook has previously backed specialist lending businesses with Hayfin Capital Management and Ladder Capital.
The Sandhus founded Urban Exposure in 2010 and first attempted a flotation to raise discretionary capital in 2014 with the support of hedge fund EJF Capital. The IPO was pulled in August that year. The company was floated on the AIM in May 2018.
