Frogmore Property Co. has completed an £80 million ($103 million) first close for its latest U.K.-based value-add fund, Frogmore Real Estate Partners IV, garnering support from two North American investors.
Launched in September 2018, the fund is targeting £400 million ($515 million) and will pursue a diversified investment strategy, following that of others in the fund series.
The previous fund, Frogmore Real Estate Partners III, closed with £377 million ($592 million) in equity commitments in 2015, exceeding its £350 million ($549.6 million) fundraising target. The previous fund, Frogmore Real Estate Partners II, closed in 2009 with £200 million ($300 million) of commitments, and the first fund in the series, Frogmore Real Estate Partners, closed in 2006 with £330 million ($518.2 million).
