Frogmore wins race for Stratford Island

Frogmore has placed under offer Blackstone and Catalyst Capital’s Stratford Centre, E15, and adjoining PRS development project for around £150m. Savills was instructed in September to market Stratford Island, which also drew bids from Newham Council. In 2011 the private equity firms bought the 320,000 sq ft east London shopping centre. They paid Land Securities £90m for the asset and have since fully let the scheme and improved the tenant line-up. In February this year Newham Council granted planning permission for a regeneration scheme on the site. Plans include two residential towers, one of 42 storeys and the other of 25, to provide 600 homes; 24,800 sq ft of retail and leisure space, and 12,500 sq ft of offices. A full refurbishment of the Stratford Centre is also planned. As well as the Stratford Centre the island site includes the adjacent 44 Broadway and Morgan House development sites. JLL is advising Frogmore; Savills is acting on behalf of Blackstone and Catalyst Capital. • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @AmberRoltEG or @estatesgazette