Slovakia’s JTRE said on Thursday that it has secured a £177 mln (€197 mln) loan from ICG Real Estate for the development of its flagship £400 mln Triptych mixed-use scheme on London’s South Bank.
Comprising three towers at 185 Park Street, the project will consist of 169 apartments, more than 5,600 m2 of offices for rent, 1,350 m2 of retail space and the same area for cultural activities. The project is already under construction and completion is planned for 2022.
Said Pavel Pelikán, executive director of JTRE, '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 8.8 mln sq ft. Securing the loan, especially at a time like this, is a huge vote of confidence in JTRE.'
Kevin Cooper, co-head ICG Real Estate, added: ‘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.'
JTRE also said that it has taken over London developer residential real estate Sons & Co, founded by brothers Alexander and Christian Stocker together with Simon Roberts. In thirty years, they have built a total of more than 550 apartments and homes of the highest standard in central London with a total value in excess of £200 mln.
With a team of 21 employees, Sons & Co. becomes part of JTRE London, a new subsidiary of JTRE.
Juraj Marko, CEO of JTRE’s London arm, said that the acquisition will allow the firm to accelerate the building of its position 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.'
JTRE entered the London real estate market in 2018 with the purchase of a development project in the central South Bank near the Tate Modern. The deal was made in partnership with Sons & Co.
Alex Stocker, development director of JTRE London, said, 'When we emerge from the present crisis, we believe London will go from strength to strength, and our priority will be to capitalise on that situation and expand our portfolio further.'
