Frogmore has bought a 50% stake in Puddle Dock Holdings, the company spearheading proposals for the City’s largest redevelopment scheme, at Blackfriars, EC4.
Frogmore paid £4m for a half-share in PDH, which is also owned by Mallory Clifford’s Blackfriars Investment Management. As part of the deal, General Accident has sold its 35% stake. PDH is leading proposals for a Norman Foster-designed 116,125m2 (1.25m sq ft) redevelopment of Blackfriars on land fronting the River Thames. It could have an end value of up to £500m.
Paul White, managing director of Frogmore, said: “We feel that it is now right to take a more active involvement in the scheme.”
PDH owns part of the potential development site, Mermaid House and Mermaid Theatre, which could be redeveloped to provide 23,225m2 (250,000 sq ft) of space as a first phase. BT, Railtrack and the Corporation of London own the rest of the site. Weatherall Green & Smith and Gooch & Wagstaff acted for Blackfriars. Anthony Green & Spencer advised Frogmore.
