Five minutes with… Pavel Streblov

Penta Real Estate’s country managing director for the UK on building a nascent business and entering the UK market

This article was published in our October 2026 magazine

Pavel Streblov, Penta Real Estate’s country managing director for the UK

What attracted you to working in real estate?

I started my career in banking and the public sector, both of which are fascinating fields but often ones where the outcomes of your work can feel indirect or intangible. What attracted me to real estate, and development in particular, is the ability to create something visible and lasting.

In development, you often begin with an Excel spreadsheet and a site full of possibilities. Through vision, planning and execution, that process can ultimately result in a new building, a major mixed-use development or even an entirely new neighbourhood. I find it incredibly rewarding to see underutilised or derelict areas transformed into vibrant places where people live, work and spend their leisure time. The opportunity to have a tangible and positive impact on the urban environment is what has always motivated me most.

How long have you been at Penta and why did you choose to work for the company?

I have been with Penta for almost 15 years. I joined the Prague office in the early days of Penta Real Estate, when the team consisted of just five people and we were preparing to acquire our very first project.

What attracted me to the company was the entrepreneurial spirit and the opportunity to help build something from the ground up. Rather than joining an established platform, I was given the chance to contribute to shaping the business and its long-term vision.

Since then, the company has grown significantly. Today, Penta Real Estate manages more than €2 billion in assets across 35 projects and employs over 200 professionals in several countries. It has been extremely rewarding to be part of that journey and to witness the transformation of the business from a small local team into one of the leading real estate developers in Central Europe.

Why did you decide to invest in the UK?

Historically, our focus has been on Central Europe, where we have built a strong track record and extensive experience. In recent years, however, we began exploring opportunities to diversify geographically and identify markets that could complement our existing portfolio.

The UK stood out as a particularly attractive destination for several reasons. It offers one of the most transparent and sophisticated real estate markets in the world, with a strong legal framework and a long history of welcoming international investment. We are also impressed by London’s ability to successfully blend historic heritage with world-class contemporary architecture and its openness to innovation, sustainability and new technologies.

For us, investing in the UK represents both a strategic diversification opportunity and a chance to participate in one of the world’s most dynamic real estate markets.

Can you tell me about the JV with Ballymore? Why was the deal attractive as your first investment in the UK?

As we entered a new market, we wanted to take a thoughtful and measured approach. Rather than pursuing a standalone project immediately, we believed partnering with a highly respected local developer would allow us to benefit from local expertise while reducing execution risk.

We reviewed a number of opportunities, but the partnership with Ballymore stood out for several reasons. First, it gave us exposure to projects that were already well advanced and ready to commence construction. Secondly, Ballymore shares many of the values that are important to us, particularly a strong focus on architecture, quality design and the creation of outstanding public spaces. 

We believe successful developments are about much more than buildings alone. They are about creating places and communities that enhance the surrounding city. In that respect, we found a strong alignment between our two companies, making the partnership a natural fit for our first investment in the UK.

What is it about London in particular that gives you confidence?

London remains one of the world’s leading global cities, supported by a highly diversified economy, a strong talent base and consistent international demand for both residential and commercial real estate.

While the development market is currently facing challenges, including construction costs, financing conditions and broader economic uncertainty, these periods often create attractive opportunities for long-term investors. We believe some of the best investments are made when market conditions are more difficult and competition is less intense. 

If the market were at the peak of a cycle, it would likely be much harder to access the type of high-quality opportunities we are currently evaluating. Our confidence comes from London’s long-term fundamentals and its proven ability to remain an attractive destination for businesses, residents and international capital across different market cycles. 

What lessons have you learned in Central Europe that you think are applicable to the UK market?

One of the most important lessons we have learned is that the right product in the right location will always create long-term value. Markets may change and economic cycles may come and go, but quality developments in desirable locations remain resilient over time.

We have also learned that architecture, placemaking and attention to detail matter. Throughout our history, we have worked with internationally renowned architects including Zaha Hadid, Massimiliano Fuksas, Stefano Boeri, Ian Bogle, Snøhetta and many others. These collaborations have reinforced our belief that great design has both social and economic value.

Central European markets are often highly competitive and demanding, requiring developers to deliver exceptional quality while maintaining affordability and value for money. We believe this combination of commercial discipline and commitment to quality translates well to the UK market and aligns with the expectations of today’s customers.

What other parts of the UK interest you and why?

For the time being, our primary focus is London. We believe the city offers sufficient scale, depth and opportunity to keep us busy for many years to come and we are still in the early stages of building our presence in the market.

More broadly, we have always found capital cities particularly attractive because they tend to offer larger and more complex projects where we can fully leverage our expertise. Such projects allow us to bring together leading urban planners, architects, designers and technical specialists to deliver truly best-in-class developments.

Our current priority is therefore to establish a strong foundation in London, where we believe our experience, ambitions and long-term investment strategy are best aligned.