Slovakia’s JTRE has agreed a £177m development loan from ICG Real Estate for its mixed-use scheme at Triptych Bankside, SE1.
The finance will support construction of the 266,000 sq ft scheme at 185 Park Street on London’s South Bank.
It comprises two residential towers of 15 and 19 storeys containing 163 flats, a 10-storey office tower of 87,000 sq ft and 25,000 sq ft of cultural space and shops, with an end value of £400m. The development overlooks the Globe Theatre.
As part of the development JTRE will also build a new elderly care home on Southwark Road. Construction is expected to complete in 2022.
Triptych Bankside is JTRE’s first development in the UK, having acquired the site in 2018. The company is set to expand its portfolio with a goal to spend £350m on acquisitions in zone one in three years.
The loan from ICG is one of its largest to date and was underwritten by its residential for sale development strategy and commercial real estate partnership capital strategy.
Kevin Cooper, co-head of ICG Real Estate, said: “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, executive director at JTRE 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.
“Securing the loan, especially at a time like this, is a huge vote of confidence in JTRE.”
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