Penta Real Estate is launching its expansion into the UK property market through the development of more than 680 new apartments in two attractive locations in the wider centre of London – Canary Wharf and Nine Elms. The projects, with a total value exceeding GBP 700 million (EUR 800 million), will be carried out in cooperation with the renowned London developer Ballymore. Construction on both projects commenced this year, with completion planned for 2029.
This transaction is the result of Penta Real Estate’s active presence in the London market, where it has already opened its branch. For Penta Real Estate, this represents the first step outside Central Europe and falls within the group’s broader strategy to expand its existing activities into new markets across Western Europe. The Penta Group already operates in more than 10 European countries and reported a net profit of more than EUR 620 million in 2024.
Penta Partner Marek Dospiva comments on the acquisition: “Being aware of the risks and challenges of development when entering new markets, we decided to join forces with a strong local partner, Ballymore, for our first projects in London. This is not a one-off speculative entry, but a strategic investment and a well-considered step in leveraging our know-how and capital, strengthened by the success of Penta funds, beyond the Central European region. With Ballymore, we share a passion for revitalising brownfields and transforming them into modern urban districts that offer quality architecture and public space.”
Penta Real Estate’s expansion into London is led by long-standing manager and member of the Board of Directors of Penta Real Estate, Pavel Streblov: “We are entering the London real estate market with a long-term ambition to become a significant player in this development environment. In the future, we would like to operate here not only in the residential sector, but we are also actively analysing opportunities in office development, hotels, and student housing. In the next few years, we aim to significantly expand our local office, carry out similarly large investments in billion-pound volumes, and establish Penta as a strong player capable of delivering major development projects even in London.”
Within the joint venture, in which Penta Real Estate and Ballymore hold equal shares, two unique residential projects will be developed in exceptional London locations along the River Thames. The first project is Cuba Street – a striking 52-storey residential tower with 434 apartments in the former docks of Canary Wharf, offering panoramic views of London, generous communal spaces including a gym on the 32nd floor, and the largest new publicly accessible park delivered in the area in recent decades. Part of the tower will also serve as affordable housing.
The second project is The Capston – the final phase of the prestigious Embassy Gardens development in Nine Elms, in close proximity to the new US Embassy, where Ballymore built more than 1,200 apartments in previous stages. In this final phase, the project will offer 247 luxury apartments in two buildings of 11 and 22 storeys, with views of the River Thames. The project will include unique shared areas and a luxury Art Deco-style lounge, a wellness zone with a swimming pool, and a fitness centre. Residents will also have access to shared rooftop terraces with views of Westminster and the iconic swimming pool that spans between two buildings from the previous phase of the development. “Given the relatively weakening supply of new real estate projects in London, this volume of apartments under construction immediately places us among the significant players in the market,” adds Pavel Streblov.
“Partnering with Penta and securing financing for more than 680 new homes is a significant achievement in today’s challenging environment. We look forward to working with Penta on its first projects in the United Kingdom, which will be based on shared values and a focus on quality, architecture, and public space,” adds John Mulryan, CEO of Ballymore.