Rockspring appoints fund manager

Richard Bains has joined the London firm from London's CIT Group to help identify investment opportunities with a particular focus on the UK.

London-based Rockspring Property Investment Managers have appointed Richard Bains as fund manager. Based in London, he will report to fund director, Neal Shegog, according to a statement by the firm today.

Prior to joining Rockspring, he worked for London's CIT Group, Baring Houston & Saunders and real estate broker, Cluttons.

Shegog, Rockspring UK Value fund director, said in the statement that Bains’ experience would help “maximise the potential” of Rockspring’s UK network.

As well as four open-ended vehicles, Rockspring operates a number of closed ended funds: the German Retail Box Fund, TransEuropean Limited Partnerships II, III and IV, EuroInvest Limited Partnership and the Portuguese Property Partnership.

Its latest value-add European vehicle, TransEuropean Limited Partnerships IV, closed in March on €274 million ($347 million). Investors in the fund include the School Employees Retirement System of Ohio, Woelbern Invest AG, Industriens Pension, Vital Forsikring ASA, Windsor Trust and the National Pension Service of Korea.

Rockspring, formerly known as Pricoa Property Investment Management, was formed in 2004 via a management buyout from US firm, Prudential Financial.