Ballymore has formed a 50:50 joint venture with Central European developer Penta Real Estate to deliver more than £700 million of residential schemes across two consented London sites. The partnership will bring forward around 680 new homes in Canary Wharf and Nine Elms, reinforcing confidence in the capital’s residential market and major regeneration districts.

Under the terms of the agreement, Penta is taking a 50 per cent stake in two Ballymore-led projects with a combined gross development value exceeding £700 million. The collaboration marks Penta’s first entry into the London market, building on its track record of large-scale developments in Prague and other Central European cities.

The joint venture covers two major residential schemes. At Cuba Street in Canary Wharf, a high-rise tower is planned to deliver approximately 434 homes. At Embassy Gardens in Nine Elms, the partners will develop around 247 homes as part of the wider mixed-use neighbourhood. Both schemes have planning consent in place and construction is already underway, reducing planning risk and supporting accelerated delivery.

The partnership reflects sustained investor appetite for high-quality London residential projects despite broader market uncertainty. Regeneration areas with strong transport links, including Canary Wharf and Nine Elms, continue to attract cross-border capital and long-term development commitments.

CBRE advised Ballymore on the transaction, which represents a significant example of international investment partnering with an established UK developer.