Rockspring holds £342m final close
Rockspring Property Investment Managers has announced the final close of its U.K. Value 2 fund. Rockspring raised the equity in a record eight months, making U.K. Value 2 the fastest fundraise Rockspring has achieved in its 30-year history.
Rockspring has secured a total of £342 million ($517.24 million) of equity from 11 investors, comprising institutions from five countries: Australia, Finland, Germany, the United Kingdom and Denmark, with the final two closes achieving £100 million ($151.24 million) in commitments from two Danish investors. The fund will have a duration of seven years and a target IRR of 12.5 percent per year. The fund will use leverage of up to 50 percent to provide a total firepower of approximately £650 million ($983.1 million).
U.K. Value 2 will target core-plus opportunities across the United Kingdom. To date, seven acquisitions have been made on behalf of U.K. Value 2, bringing the current total agg