Ballymore and Penta Real Estate have formed a 50/50 joint venture to deliver more than 680 new homes across two sites in London with a combined GDV of £700m+.
The two schemes are the 52-storey Cuba Street residential tower located adjacent to Canary Wharf, which will provide 434 homes, and The Capston (pictured) at Ballymore’s Embassy Gardens regeneration scheme in Nine Elms, which will provide 247 new homes.
Both projects have secured planning consent and construction is already underway. The JV is Penta’s debut investment in the UK real estate market and the company has ambitions to become a notable player in the sector.
Pavel Streblov, UK managing director and board member of Penta Real Estate, said: “We are excited to be entering the world-leading UK real estate market backing these unique and prominent London residential projects. Ballymore shares our dedication to delivering inspiring homes and creating a positive impact through high quality development projects. We look forward to working together to create a series of fantastic living opportunities for Londoners.”
John Mulryan, group managing director of Ballymore, added: “Securing this funding in today’s challenging environment represents a significant achievement, and we are excited to work with Penta Real Estate on its first investment in the UK. At a time of constrained supply, it is vital to bring forward projects at pace, and we look forward to building a successful partnership founded on aligned interests and a shared commitment to delivery.”
