UK fund manager Frogmore has purchased the Stratford Shopping Centre in London from private equity players Blackstone and Catalyst Capital for £141.5 mln (€168 mln).
The 306,000 ft2 (28,500 m2) asset, located in the London Borough of Newham, includes 113,000 ft (10,500 m2) of vacant offices and planning consent for another 540,000 ft2 (50,000 m2) of space, with 587 residential units in the works.
'Stratford Shopping Centre is virtually fully let and benefits from an existing footfall of 26.5 million people. Our value-add strategy will be to capitalise on the huge footfall and increase dwell times by improving tenant mix within the scheme,' commented Patrick Smith, Frogmore’s director of acquisitions.
Tenants in the shopping centre currently include Sainsburys’, Lidl, New look, Boots, Sports Direct and JD Sport.
'The Stratford area’s continued regeneration is an important consideration for us and the arrival of Crossrail in 2019 will boost connectivity and values. The planning permission gives us a good guide as to the potential of the site and we look forward to working with Newham and other local stakeholders to unlock a viable and comprehensive solution,' added Smith.
Frogmore was advised by JLL, while and Blackstone and Catalyst Capital were advised by Savills.
