Almacantar has 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.”
Source: Almacantar www.almacantar.com 27.09.2013