Almacantar, the London property investment and development company, has today exchanged contracts with Frogmore to acquire Frogmore’s 25% stake in Centre Point, London. Following the transaction Almacantar will own 100% of Centre Point.
Almacantar and Frogmore signed the original joint venture agreement in 2011.
Mike Hussey, Chief Executive of Almacantar, said: “Frogmore provided us with essential capital at the formative stage of our business and were a great partner that knew us well. We have grown Almacantar significantly in the last two years and we now have full ownership of Centre Point as we contemplate significant further investment in the asset and in the area.”
Paul White, Chairman and Chief Executive of Frogmore said: “Our decision to partner with Almacantar to acquire a 25% stake in Centre Point in 2011 has generated strong returns for our investors and the time is right for us to exit this asset as originally planned. Together Almacantar and Frogmore have added significant value in a very short period of time and we have both achieved what we set out to do when we signed our partnership agreement.”
Notes to Editors
Almacantar is a property investment and development company specialising in large-scale, complex investments in Central London, with the potential to create long-term value through development, repositioning or active asset management. Since launching in 2010, Almacantar has acquired a number of prime assets with untapped potential in the heart of London, including: Centre Point, Marble Arch Tower, CAA House, and 125 Shaftesbury Avenue.
Frogmore is a leading UK real estate fund management company. Founded in 1961, Frogmore has extensive UK investment knowledge and experience and today is exclusively a manager of three private equity real estate funds having recently had a first closing on its Fund 3.
About Centre Point
Built in 1966 on St Giles Circus, Centre Point has enjoyed a colourful history: admired as the original Pop Art skyscraper, lambasted as it lay largely empty over its lifetime, bemoaned as a concrete eyesore, then celebrated for its ‘elegance worthy of a Wren steeple’. Now almost 50 years old, Centre Point is in need of thoughtful intervention to secure its future. With the arrival of Crossrail and the rapid regeneration of the area around Tottenham Court Road and St Giles, there is a unique opportunity to revive a London landmark, sitting at the heart of this area of transformation.
Centre Point, which was granted listed building status in 1995, has received planning permission for a transformation by Rick Mather Architects and Conran and Partners who will revive its sixties design appeal alongside cutting edge design and technology