Rockspring Property Investment Managers, the London-based pan-Europe firm, has closed its UK Value Fund on £336 million ($502 million; €408 million) of commitments.
The firm said that with bank loans, it could amass up to £700 million of assets.
The fundraising saw 12 international institutional investors commit to the vehicle, with those investors coming from four countries.
Its strategy is to focus on small-to-medium sized assets primarily in the office, retail and industrial sectors. The target is to deliver a net total return to investors of 13 per cent every year.
So far it has called down £82 million of the equity for four acquisitions, Rockspring added.
News of Rockspring’s intention to raise a UK value added fund surfaced in summer 2009, when Bloomberg reported the firm was aiming to coral £350 million. However, that report said Rockspring started raising money for the value fund in the first half of 2008 and abandoned the effort following the credit crisis.
Rockspring closes value-added UK fund on £336m
The London-based European private equity real estate firm says it is focusing on small-to-medium sized properties in order to deliver net returns of 13% per year.
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