Slovak real estate company JTRE has agreed a construction loan of £177 million with ICG Real Estate on its flagship London development, Triptych Bankside. The loan will be for the development finance of the £400 million GDV mixed-use scheme which, when complete, will deliver residential, office, and retail at 185 Park St, SE1. Construction is scheduled for completion in 2022.
“As we continue to expand our portfolio with this significant investment in the UK, we required a lender with a deep understanding of real estate structures and an ability to appreciate our achievements in central and eastern Europe, where we have developed and manage a wide range of real estate projects totalling over 820,000 sqm. Securing the loan, especially at a time like this, is a huge vote of confidence in JTRE,” Pavel Pelikan, Executive Director of JTRE said.
“We are delighted to partner with JTRE and to be part of this prime, central London development. The quality of the scheme, the depth of development experience and the strong capitalisation of our sponsor convinced us this was a must-do opportunity, notwithstanding the challenges of COVID-19,” Kevin Cooper, Co-Head of ICG Real Estate commented.
Simultaneously, and with a further demonstration of its commitment to investment in London, JTRE has also announced the acquisition of London residential property developer Sons & Co London Limited. Following its purchase of Triptych Bankside in 2018, JTRE appointed Sons as the project manager responsible for the development and delivery of the project.
“The acquisition of Sons will fast track our presence in the UK. With one major development already under our belt and several others in our sights, we wanted to partner with a company experienced in every area of development. Consequently, we’re delighted to have formalised our relationship with Sons and we now have the resources to make a real impact on the London market,” Juraj Marko, Managing Director of JTRE London commented.
