Frogmore sells £60m GPF portfolio

Sackville Properties has bought a £60m mixed property portfolio from Frogmore in its second big deal this year.

The property investment arm of Reading Football Club chairman John Madejski bought the eight properties in a package called the GPF Portfolio, which Frogmore owns in conjunction with Macquarie Global Property Advisers.

The GPF portfolio contains eight offices and two industrial buildings of 270,000 sq ft (25,083 sq m) and 330,000 sq ft (30,657 sq m) with a combined rent roll of £4.9m a year.

Frogmore was represented by CBGA and Holley Blake.

For Frogmore, the sale is the second deal in recent weeks. Last week, the company bought an office in Old Street, London EC1, from Nick Leslau’s Prestbury for £45m.

The office is a 270,000 sq ft (25,085 sq m) block on 2.8 acres (1.1 ha) which Frogmore wants to redevelop in the medium term.
Frogmore, which is jointly owned by Paul White and Dennis Cope, has bought £250m of property since restructuring and creating the new company two years ago.

CBGA and Colliers CRE acted for Frogmore on the Old Street purchase. Franc Warwick and Allsop acted for Prestbury.

Source: Property Week