Frogmore has signed an agreement with student housing company The Mansion Group to buy a student accommodation scheme in east London.
Frogmore Real Estate Partners II (FREP II) paid more than £26.5m to receivers appointed to the developer, JG Colt LLP, for the freehold of the scheme, known as ‘The Hive’.
The building was put into the hands of receivers at Grant Thornton shortly after its completion in 2009.
Paul White, chairman and chief executive of Frogmore, said: “The dynamics of the London student accommodation market, the high specification of this asset and the skills of specialists The Mansion Group made this an attractive investment which should provide the opportunity for growth in the future.”
Mansion will manage the direct let scheme. Dohertybaines represented the receivers.