Intermediate Capital Group’s real estate arm has provided a £177m (€197m) loan to fund the construction of a 266,000sqft mixed-use development in London.
ICG Real Estate is funding the Triptych Bankside development on the South Bank being developed by JTRE.
The Triptych Bankside scheme, scheduled for completion in 2022, comprises two residential towers, a low-rise office building, retail and cultural facilities.
Kevin Cooper co-head of ICG Real Estate 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.”
Pavel Pelikan, JTRE executive director, said: “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 8.8m sqft.
”Securing the loan, especially at a time like this, is a huge vote of confidence in JTRE.”
As part of the development, JTRE is also developing a new elderly care almshouse on Southwark Park Road.
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