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Rockspring to raise £350m fund

The London-based property fund manager is reportedly targeting the British real estate market with its UK Value Fund. The firm has raised £90m to date.

Rockspring Property Investment Managers is reportedly raising a £350 million (€398.5 million; $571 million) fund to target the UK real estate markets.

According to a report by Bloomberg, Rockspring has raised £90 million for the UK Value Fund to date, with another £45 million in commitments “close to agreement”. Rockspring said it was talking to investors regarding £200 million of additional commitments.

With leverage, the fund is expected to deploy up to £500 million.

Rockspring director Kathryn Dixon said in the report: “In the last two or three weeks, it seems that a number of investors have stepped up the pace. They’re hearing the story and they’re not wanting to miss the boat.”

Rockspring reportedly started raising money for the value fund in the first half of 2008. However, the fund manager abandoned the effort following the credit crisis last autumn. Richard Baines, manager of the value fund, said in the report that Rockspring was already eyeing a number of buildings to buy for the fund.