Slovakian developer Penta Real Estate has officially entered the UK market, launching its first London projects through a new 50/50 joint venture with urban regeneration specialist Ballymore. Together, the partners will deliver more than 680 new homes across two major residential schemes, marking a significant milestone in Penta’s international expansion.
The developer has recently established a London office and is moving ahead with its initial developments after both secured full planning consent. Construction is already under way on the schemes, which have a combined gross development value of more than £700m.
The first project, Cuba Street, is a 52-storey residential tower located on the edge of Canary Wharf. Designed to bring contemporary homes to one of London’s most dynamic business districts, the scheme is set to become a new landmark in the area.
The second development, The Capston, forms the final phase of Ballymore’s ambitious Embassy Gardens regeneration in Nine Elms. The project will deliver 247 apartments across two buildings rising 11 and 22 storeys, completing one of London’s best-known regeneration masterplans.
Pavel Streblov, managing director of Penta Real Estate UK, said the partnership marks an exciting moment for the business as it enters what he described as the world’s leading real estate market. He said the joint venture reflects a shared ambition with Ballymore to deliver high-quality homes and create positive outcomes for London’s communities.
Streblov added that both organisations are committed to shaping distinctive and inspiring residential environments, and he looked forward to bringing forward new opportunities for Londoners.
John Mulryan, group managing director at Ballymore, said securing the investment for the two schemes is a major achievement given current market conditions. He emphasised that with housing supply under pressure across the capital, progressing projects at pace is essential, and the partnership with Penta Real Estate will help ensure delivery continues.
Mulryan noted that the two companies are aligned in both approach and ambition, and he welcomed the opportunity to establish what is expected to be a long-term collaboration in London’s residential sector.
With construction under way at both sites, the joint venture is set to play a meaningful role in meeting demand for new homes in highly sought-after parts of the capital. For Penta, the developments mark the beginning of what is expected to be a wider programme of UK activity, following years of growth in Central Europe.
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