A joint venture worth more than £230 million ($309 million) between Central European developer and investor Penta Real Estate and aparthotel operator Staycity Group has been established to fund the delivery of a new 350-room aparthotel in London’s Farringdon district.
The joint venture will be split 80-20, with Penta Real Estate the majority shareholder, and follows the firm’s £1 billion ($1.34 billion) joint venture with Ballymore, which will fund the delivery of more than 1,000 new homes in London across three locations.
This development will represent Staycity Group’s seventh site in the capital, building on its existing portfolio of hotels under development in London with a gross development value of approximately £700 million ($939 million).
The project will reimagine the Morley House site, situated near Holborn Viaduct in Farringdon, with strong transport links including access to the Elizabeth line, Thameslink and multiple Underground services. W
