Rockspring launches TransEuropean VII with €100 million first close

Rockspring Property Investment Managers, part of PATRIZIA Immobilien AG, has launched the seventh fund in its TransEuropean series, TEP VII, with a €100 million ($122 million) first close. The initial funding was secured from two investors from the United Kingdom and the United States. The firm is targeting a €500 million ($609 million) fund raise, with a number of other investors presently in due diligence.

TEP VII will pursue a cash-flow driven value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the United Kingdom. Gearing has been set at 60 percent, suggesting potential firepower of up to €1.2 billion ($1.46 billion).

The fund’s predecessor, TEP VI, held a €430 million ($524 million) final close in July 2016.

Rockspring first launched TransEuropean I in 1992 and has since invested just under €3 billion ($3.6 billion) in 13 European countries, generating a 12 percent per annum gross IRR since