Pinsent Masons guides Penta Real Estate on Staycity Group joint venture

Penta Real Estate invested over £230 million in the Morley House project in London.

Global law firm Pinsent Masons has advised the European real estate investment company Penta Real Estate on its joint venture with Staycity Group to develop a Wilde aparthotel in London’s Farringdon district.

The core Pinsent Masons team was led by real estate partner Tim Webb and included M&A partner Jon Blackburn, investment funds partner Ian Warner, finance legal director Catherine Howe, tax partner Andrew McCarthy, real estate partner Emma Maher, projects partner Danielle Clifford and construction legal director Kofi Atta.

According to the agreement, Penta Real Estate holds an 80% stake in the joint venture, with Staycity holding the remaining 20%.

Construction on the 11-storey, 350-room Wilde-branded aparthotel project will begin shortly and is expected to be completed in 2029. The development also includes refurbishing the neighbouring Grade II listed City Temple Church.

Pinsent Masons real estate partner Tim Webb said: “This is a landmark transaction that demonstrates London’s continued appeal to international capital and the growing convergence between real estate investment and hospitality platforms. Requiring close collaboration across multiple disciplines and jurisdictions, we were pleased to support Penta Real Estate and the JV in delivering a highly sophisticated and strategically important deal. We look forward to seeing the Morley House scheme become a significant new destination in Farringdon.”

Penta Real Estate UK managing director Pavel Streblov added: “This transaction is an important milestone for Penta Real Estate and a significant step in the growth of our London business. Pinsent Masons were exceptional throughout and brought deep expertise, commercial judgement and an unwavering commitment to getting the deal done. Their agility, pragmatism and solutions-focused approach throughout the process were instrumental in achieving a successful outcome.”