Ballymore and Penta form joint venture to deliver more than £700m in London housing projects

Ballymore and Penta Real Estate have established a 50/50 joint venture to develop more than 680 new homes across two London sites, with a combined gross development value exceeding £700 million.

The partnership will focus on two schemes: the 52-storey Cuba Street residential tower next to Canary Wharf, which will deliver 434 homes, and The Capston at Ballymore’s Embassy Gardens development in Nine Elms, which will add 247 homes. Both projects have planning consent, and construction is underway.

The joint venture marks Penta’s first investment in the UK real estate market. The company has stated its intention to expand its presence in the sector.

“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,” said Pavel Streblov, UK managing director and board member of Penta Real Estate.

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.”