Slovakia’s JTRE South Bank Scheme

Slovakian developer JTRE has reiterated its faith in London’s real estate market, securing a £177m construction loan on a flagship scheme and acquiring a well-known luxury development firm.

The loan, agreed with ICG Real Estate, will be for the development finance of the firm’s £400m Triptych Bankside project on the South Bank, which is due to complete in 2022.

The 266,000 square foot mixed-use development is delivering two resi towers (housing 163 apartments), a low-rise office building, retail and cultural facilities on a former National Grid site next to the Tate Modern. A new elderly care alms house on Southwark Park Road also forms part of the project.

JTRE operates primarily across Central Eastern Europe, with offices in Bratislava, Moscow and Prague, and has completed more than 50 developments on the continent (c. 8.8m square feet of commercial and resi; another 3m square feet is under construction, with a combined GDV of over €1bn).

The Squire & Partners-designed Triptych Bankside was bought off Delancey’s client fund Dv4 in 2018, marking the firm’s first foray into the UK capital.

Confirming the funding deal, ICG described the scheme as a “must do opportunity”.

Pavel Pelikan, Executive Director, 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 8.8m square feet. Securing the loan, especially at a time like this, is a huge vote of confidence in JTRE.”

Kevin Cooper, Co-Head of ICG Real Estate: “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.”

In what appears to be another vote of confidence, JTRE has also confirmed the acquisition of the top-end PCL firm appointed in the development manager role.

Formerly known as L&H, Sons & Co was set up by brothers Alexander and Christian Stocker, alongside Simon Roberts, who have developed some 500 apartments and 50 houses in PCL between them over the last three decades – including recent endeavours in Holborn, Victoria and Mayfair.

Juraj Marko will be leading the new-look operation – JTRE London – as MD, with Alex Stocker as development director, Christian Stocker as acquisitions director and Simon Roberts as commercial director. The team will be based at 22 Welbeck Street in Marylebone.

Juraj Marko, Managing Director of JTRE London: “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.”

Alex Stocker, Development Director of JTRE London: “We are delighted to have joined forces with JTRE and believe that our knowledge of the London market, combined with their substantial resources and international experience will position us alongside the leaders in the field. 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.”