Urban regeneration specialist, Ballymore, has formed a 50/50 joint venture with leading Central European real estate investor and developer, Penta Real Estate, to deliver over 680 new homes across two prominent London sites with a combined GDV of over £700million.
The partnership will see a 52-storey residential tower comprising 434 private and affordable homes built on Cuba Street, adjacent to Canary Wharf, and also deliver The Capston, the final phase of Ballymore’s Embassy Gardens regeneration in Nine Elms, providing 247 homes across two building. Both projects have secured planning consent, with construction already underway.
The joint venture aims to help address the housing shortage in London by delivering much-needed homes by 2029. Housing supply in 2025 has fallen to its lowest level since 2010, with further declines expected due to mounting regulatory pressures and viability challenges.
The JV is Penta’s debut into the UK real estate market, with an ambition to become a notable player within the sector. The privately-owned Penta Real Estate has established an office in London and is actively exploring further opportunities. With a proven track record and total asset value of £1.5billion, the firm is an established developer in Central Europe, having completed 49 significant projects.
Ballymore’s London pipeline currently stands at around 16,000 homes – with over 6,000 of those having secured planning in 2025, in Ladbroke Grove and in Edgware.
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, said: “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.”
