Frogmore raises £200m

The London-based private equity real estate firm has closed the follow-up vehicle to its maiden 2006 fund

Frogmore Property Company has completed fundraising for its second fund, closing out on £200 million (€240 million; $335 million).

The London-based private equity real estate firm has committed around £39 million to deals, it also said in a statement.

Paul White, managing director, called it “one of the most testing environments for money raising”. Much of the equity was raised by August 2008, but the vehicle has now officially closed.

Frogmore Real Estate Partners II follows the firm's maiden fund which was established in 2006 and raised considerbaly more at £330 million.

The new vehicle has committed to two income producing assets; Britannia Park and Heyford Park, both in the UK. The Britannia Parks Group acquisition completed in April 2009 and consists of 20 freehold, mainly residential, retirement parks located throughout the South of England. The portfolio has a total of 1,430 pitches of which 1,225 residents are housed.

Heyford Park, the second purchase for fund two, was also acquired in August 2009. Frogmore teamed up with the Dorchester Group to purchase the former US air force base.