Urban Exposure closes more than £110m in new loans during November

Asset management firm Urban Exposure closed more than £110m in new loans in November, bringing its total lending commitments since its May IPO to £340m.

Urban Exposure, which warned of "significantly reduced" earnings in the short term as it shifted its focus to higher-quality loans, told investors on Monday that its newest loans covered development projects across the country, including Chelmsford, Brentwood, Horley and Luton.

Since its IPO, Urban Exposure has committed to finance the construction of 1,531 residential units, of which 208 are affordable housing units, and 45,000 square foot of commercial real estate - including office space, retail and a hotel.

"The return profile of the new loans remains in line with expectations at IPO," said Urban Exposure.

As of 1200 GMT, Urban Exposure shares were flat on 84p.