Frogmore, the UK property fund management company, has made its first foray into the student accommodation sector with the purchase of The Hive in east London for more than £26.5m.
Frogmore Real Estate Partners II has teamed up with student housing specialist The Mansion Group to buy the 203-bedroom property from receivers appointed to JG Colt LLP.
The property was put into the hands of receivers at Grant Thornton UK LLP shortly after completion in 2009.
Frogmore chairman and chief executive Paul White 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.”
Dohertybaines represented the receivers on the sale.
samantha.mcclary@estatesgazette.com
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