London-based real estate investment firm Rockspring Property Investment Managers has been awarded its second investment mandate from Korea’s National Pension Service within a year.
Following a mandate to invest in trophy offices in London awarded last year, Rockspring confirmed today it has been appointed to invest $400 million in core assets across Europe for the $300 billion sovereign wealth fund.
PERE revealed news of the mandate, alongside a similar size mandate awarded to Pramerica Real Estate Investors for investment in Asia, last month.
Rockspring said the capital awarded through the mandate, when combined with leverage, would provide the firm with up to $1 billion in spending power for investment in assets with typical lot sizes of between $65 million and $150 million. The firm aims to generate returns of more than 10 percent through its investments.
The firm said it would invest across continental Europe and the UK, encompassing both established and emerging markets. With a “strong focus on cash flow generation, capital preservation and active asset management” it will be weighted towards retail and office assets rather than industrial assets although no strict sector allocations have been set.
Rockspring previously invested capital for NPS via its discretionary TransEuropean IV fund. While the separate account mandate awarded last year to acquire trophy assets was awarded on a non-discretionary, this latest mandate has again awarded discretionary control back to the firm.