Slovakian developer Penta Real Estate has opened an office in London and started its first projects in the UK.
Penta has formed a 50/50 joint venture with Ballymore to develop an initial two residential schemes blocks in the capital 鈥� one by Canary Wharf and one in Nine Elms.
Both projects have secured planning consent, with construction already under way. The combined gross development value (GDV) is more than 拢700m.
Cuba Street is a 52-storey residential tower next to Canary Wharf. The Capston is the final phase of Ballymore鈥檚 Embassy Gardens regeneration in Nine Elms, housing 247 apartments within two blocks, rising 11 and 22 storeys.
Penta Real Estate UK managing director Pavel Streblov said: 鈥淲e are excited to be entering the world-leading UK real estate market backing these unique and prominent London residential projects.鈥�
鈥淏allymore 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.鈥�
Ballymore group managing director John Mulryan added: 鈥淪ecuring this funding in today鈥檚 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.鈥�
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