Rockspring Property Investment Management, the London-based real estate investment management firm, has invested €270 million in three deals across Europe.
The firm used capital from its latest European core-plus/value-added fund, TransEuropean VI, which held a €217.5 million first close last October. Rockspring is aiming to corral €400 million for the fund, which is the largest target for Rockspring's TransEuropean series since it was first launched in 1992. The fund, which has a €500 million hard cap, will use up to 55 percent leverage so total fire power will be close to €1 billion.
The assets acquired by Rockspring are: L'Atelier, an office development site in Geneva for €80 million; the Metro building in Hammersmith, a west London office asset for €91 million; and a logistics portfolio across France, for €101 million.
“With further transactions totalling just under €200 million also under offer in similarly dominant urban environments, we are working closely with investors and hope to achieve an accelerated second closing in coming weeks,” said Paul Hampton, Rockspring partner and fund director of the TransEuropean series.
Rockspring's TransEuropean series of funds was first launched in 1992 and has invested close to €2 billion in 14 European countries, achieving an IRR of over 12 percent since inception.