ASB MAGAZINE: A line-up of Australian capital investors including JP Morgan’s Simon Ranson, have been added to Urbnsurf’s capital table, with the fresh funds set to support the construction of its second suburban surfing centre at Sydney’s Olympic Park. Having already scored the support of Merchant Group’s Andrew Chapman, a new wave of faces have joined as investors including former Blackrock managing director Nigel Allfrey, former CEO of BT Financial Group Rob Coombe and Quest Asset Partners founder Chris Cahill.
FiftyOne Capital’s Scott Williams and founder of Aspect Huntley Andrew Bird have also invested. Ranson told the AFR he was optimistic the new URBNSURF centre would thrive even more in Sydney thanks to the warmer climate.
The company’s second location is expected to cost $55 million to be built. This funding is a mix of equity and debt. The Sydney site, similar in size to the Sydney Cricket Ground, is expected to see up to 300,000 guests a year catch perfect waves and is expected to open in early 2023.