Frogmore has attracted capital from Asia for the first time for its latest UK value-added real estate fund.
The UK focused fund manager said it raised £377m (€531m) for Frogmore Real Estate Partners III, enabling it to buy the Notting Hill Gate Estate in London for £215m.
Its £350m target for its final close was exceeded, as investors from North America, Europe and Asia backed its strategy.
The fund had already invested £100m in four investments and has now bought the Notting Hill Gate Estate from The Pears Group in a joint venture with LaSalle Investment Management.
Originally constructed by Land Securities in the 1960s, the 3.11 acre freehold estate in West London contains approximately 171,000 sqft of retail, office and residential accommodation across four blocks.
Patrick Smith, director of acquisitions at Frogmore, said: “The central London retail sector is witnessing increased occupier demand on the back of greater consumer confidence and very low vacancy rates.
“It was clear from the outset that the estate has great potential for Frogmore to reposition the assets and drive value from all income streams.”
The other four assets include a retail park in Manchester, a London Docklands office that has been granted consent for residential conversion, and an office-led refurbishment project in central London.