Essensys IPO
Shares in essensys launched on the London Stock Exchange last year

Essensys strengthens board with heavyweight property names

The publicly listed provider of software platforms to the flexible workspace industry has appointed Elizabeth Sandler, ex-Blackstone, and Alexandra Notay of Places for People as independent non-executive directors, with immediate effect.

Essensys said in a statement to London Stock Exchange: “Elizabeth and Alexandra add significant strength, depth and international experience within the real estate and financial services sectors to the essensys board.”

Sandler has held leadership roles in the real estate and financial services sectors for the past 25 years in New York and London, most recently as founder and CEO of Echo Juliette, a workplace investment consultancy, and before that at the Blackstone Group, Deutsche Bank, AXA Financial and AT Kearney.

She was managing director and global COO of Blackstone’s $15bn Real Estate Debt Strategies division from 2016 to 2018, and held similar positions at a variety of Deutsche Bank businesses.

Notay has expertise in the UK’s build to rent sector, with 15 years’ experience across the private, government and non-profit sectors. Since 2016 she has been fund director of PfP Capital, the fund and asset management arm of Places for People, overseeing a UK-wide residential strategy. Places for People has £4.5bn of fixed assets and had turnover of £830m in 2019.

Previously Notay founded and led an international consultancy business advising real estate clients such as Grainger, Grosvenor, MSCI and the European Investment Bank on corporate strategy, innovation and operations. Prior to that she was vice president and research director at the Urban Land Institute for four years.

Essensys chairman Jon Lee said: “As announced at the end of 2019, we have enjoyed strong momentum with new and existing customers since our listing on the London Stock Exchange. The flexible workspace market presents us with exciting opportunities, and we look ahead with excitement and confidence to the next phase in our evolution with the support of a strengthened board.”

Sandler will become chair of essensys’ remuneration committee whilst Notay will become a member of both of the audit and remuneration committees.

The essensys board now comprises six members, including independent non-executive chairman Jon Lee, a software veteran; founder and CEO, Mark Furness; CFO Alan Pepper and independent non-executive director Charles Butler, who floated real estate e-commerce company Market Tech Holdings.

More than 25,000 shares have been granted to each of Sandler and Notay, exercisable from January 2023.

Shares in the company have been steady at around 200p, valuing the business at just shy of £100m. The company listed in May 2019 at 151p and trades on the Alternative Investment Market of LSE for smaller companies.

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