JTRE in talks to buy London-based developer
Slovakian developer JTRE is in talks to buy Sons & Co in a bid to make London account for 50% of its revenue within the next decade.
JTRE made its UK debut alongside the London-based developer in July last year with the acquisition of the £400m 185 Park Street site in SE1.
JTRE managing director Pavel Pelikán said: “We are very close in our discussions with Sons to buy them out.
Slovakian developer JTRE is in talks to buy Sons & Co in a bid to make London account for 50% of its revenue within the next decade.
JTRE made its UK debut alongside the London-based developer in July last year with the acquisition of the £400m 185 Park Street site in SE1.
JTRE managing director Pavel Pelikán said: “We are very close in our discussions with Sons to buy them out.
“This would be a good step for us to finalise the agreement, as they [Sons] have been involved in the market for years, therefore we wouldn’t need to start from scratch. This is how we would like to settle in London.”
Sons & Co is currently acting as JTRE’s development manager on the Park Street site, which neighbours the Tate Modern and Globe Theatre. It also has three other projects in the capital, valued at around £77.5m.
Alex Stocker, co-founder and chief executive of Sons & Co said: “We began working with JTRE three years ago in an advisory capacity, and this moved on to a firm footing when we were appointed as development manager for the site we acquired for them at 185 Park Street in July 2018.
“As JTRE is looking to make a significant investment in the UK over the coming months and years and putting London as a main focus of its strategy, it knows it must fast-track its knowledge of the London property market and of how business gets done here. We can provide that.”
JTRE, which has schemes in the pipeline totalling $1.4bn and 700,000 sq ft of land available for development, wants London to account for approximately 50% of its revenues within the next 10 years.
The developer is looking to invest £350m into Zone 1 sites over the next three years. It will focus on office and residential development opportunities.
JTRE said it was targeting off-market sites valued at between £50m-£100m. Most recently it has bid for ITV’s headquarters on the South Bank and the over-site development at the new Crossrail station at Tottenham Court Road, WC2.
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