Rockspring announces first close of TransEuropean VI
Rockspring Property Investment Managers has announced the first close of Rockspring TransEuropean VI, raising €217.5 million ($247.2 million) from five investors across the United Kingdom, France, Finland and the United States.
This represents more than half of the €400 million ($455 million) targeted for the fund. With further equity closings planned for the end of 2015, TEP VI is expected to be the largest in the TransEuropean series of funds.
TEP VI uses a value-added strategy to invest in opportunities across the office, retail, industrial and residential sectors in continental Europe and the United Kingdom. The fund has maximum leverage of 55 percent, with a potential gross investment capability of close to €1 billion ($1.1million).
TEP VI follows TEP V, which closed in 2012 with more than €350 million ($398 million) of commitments from 12 investors. The TransEuropean fund series was first launched in 1992, a