Rockspring starts raising €400m TransV

London-based Rockspring Property Investment Management has begun its quest to raise up to €400m for its next European core-plus/value added fund.

Rockspring Property Investment Management, the London-based firm, has officially started fundraising for its next European core-plus, value added fund, Rockspring TransEuropean Limited Partnership V. The firm plans to raise €400 million of commitments for the vehicle.

According to the company’s website, it will target a diversified mix of real estate strategies and risk across the EU and accession countries. “The focus will primarily be on income producing commercial assets with high income and value adding potential,” it said. In addition, a proportion of investment activity not exceeding 15 percent of gross asset value could be committed to speculative development activity at any one time.
The two-year investment period of its predecessor fund, TransEuropean IV, ended in June 2011. Rockspring raised €274 million of commitments for the vehicle in 2008 from 13 investors, including the School Employees Retirement System of Ohio, Woelbern Invest AG, Industriens Pension, Vital Forsikring ASA, Windsor Trust and the National Pension Service (NPS) of Korea.

The first assets acquired for that fund included retail warehouses in Holland, Luxembourg and Spain, office properties near Paris, light industrial assets in Belgium and car showrooms in the Netherlands.
News of Rockspring’s intention to raise Trans V was announced in December by chairman Richard Plummer at its annual Christmas lunch in Piccadilly for investors and other business partners. At the event, Plummer also spoke about other highlights for the year such as a mandate announced in September to invest $400 million in core assets across Europe for NPS, and its UK Value Fund, which closed in June 2010 on £336 million ($502 million; €408 million) of commitments.