A joint venture between urban regeneration specialist, Ballymore, and Central European investor and developer, Penta Real Estate, has secured a £179.5million loan facility from Barclays and Homes England to support the delivery of the landmark Cuba Street development adjacent to Canary Wharf.
The financing marks a major milestone for the partnership and enables the progression of the residential scheme, which will comprise a 52-storey tower, delivering 434 homes. Amenities will include an indoor-outdoor gym on the 32nd floor, communal spaces and the largest new public park on the Isle of Dogs in over 30 years, providing a major new green space for residents and the wider community.
Robert Mulryan, group corporate finance & investment director at Ballymore Group, said: “Barclays and Homes England have been long-term partners of Ballymore, and we are proud to be working with them again on this outstanding project. Cuba Street builds on Ballymore’s substantial contribution to high-quality housing delivery and the regeneration of the Isle of Dogs over the past thirty years.”
Pavel Streblov, UK managing director and board member at Penta Real Estate, said: “This funding milestone is a further key step forward for our joint venture, particularly given the high calibre of the debt providers. The financing underscores the desirability of this project and is a reflection of our commitment to delivering the highest quality homes in London.”
Graham Chilver, director, real estate at Barclays UK Corporate Bank, said: “We are proud to support Ballymore and Penta Real Estate on the delivery of this landmark scheme. Cuba Street will bring high‑quality private and affordable homes to one of London’s most dynamic areas, alongside new public spaces that will benefit the wider community. This financing demonstrates our continued commitment to backing high‑impact developments that enhance the capital’s housing supply.”
Neil Elliott, assistant director of structured real estate finance at Homes England, said: “As the government’s housing and regeneration agency, our aim is to help public and private sector partners to unlock strategic housing sites across England and we are committed to helping developers of all sizes to achieve their ambitions. The Cuba Street development is a demonstration of a long-term commitment from Ballymore to transform a former industrial site into new, high-quality homes.”
