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Firm acquires stake in German retail JV

by Reg Clodfelter

Rockspring Property Investment Managers has agreed to purchase Capital & Regional Plc’s share of a 50-50 German joint venture between Capital & Regional and Ares Management.

“This significant acquisition is illustrative of the retail acquisition strategy we have been implementing in Germany for our institutional clients over the past 10 years where, together with Prime Management, our asset management partner on the ground, we will look forward to progressing a range of opportunities to generate a solid distribution return whilst applying asset management expertise to extract value over time,” says Robert Gilchrist, chief executive with Rockspring.

The proposed transaction values the entire joint venture at €105 million ($128 million) and Capital & Regional’s share at €52.5 million ($64 million).The sale will represent the final major step in Capital & Regional’s refocusing of its portfolio of dominant U.

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