Slovakia’s leading real estate company JTRE, has agreed a construction loan of £177m with ICG Real Estate on its flagship London development, Triptych Bankside.
The loan will be for the development finance of the £400m GDV mixed use scheme which, when complete, will deliver residential, office, and retail at 185 Park St, SE1. Construction is scheduled for completion in 2022.
Pavel Pelikan, Executive Director, 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, where we have developed and manage a wide range of real estate projects totalling over 8.8 million sq ft. 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 commented, “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.”
Intermediate Capital Group (ICG) is a global alternative asset manager with over 30 years' history, managing €45.3bn* of assets in private debt, credit and equity, principally in closed-end funds.
Operating across four asset classes – corporate, capital market, real asset and secondary investments.
ICG’s real estate division (ICG-Longbow), has over £4.3bn* of assets under management. Providing debt and equity capital to UK and European commercial property and residential markets across its four strategies - Partnership Capital, Sale and Leaseback, Senior Debt and Development.
ICG is listed on the London Stock Exchange (ticker symbol: ICP).
* As at 31 March 2020