NOVEMBER 27, 2012

Rockspring nears final close date

by Andrea Waitrovich

U.K.-based Rockspring Property Investment Managers has a planned final close for its Rockspring TransEuropean Property Limited Partnership V on Dec. 5. The closed-end fund was launched in 2011 with a $450 million target size. It is one of the largest funds currently fundraising managed by U.K.-headquartered firms as of June 2012.

The fund invests in core, core-plus, distressed and value-added opportunities in the United Kingdom and continental European markets. The focus primarily will be on income-producing commercial assets with high income and value-adding potential.

The fund made a recent investment in May 2012. It acquired six retail assets in Sweden from Netherlands-based investor and manager Redevco for €77 million ($99.6 million). The portfolio comprises 45,000 square meters (484,376 square feet) of GLA in six retail assets located in Malmö, Lund, Västerås, Borås and Stockholm. It includes a prime city center department store in Malmö leased to Swedish chain Ahlens, four retail parks and an external shopping center anchored by Swedish supermarket operator ICA.

The deal marks Rockspring’s second acquisition in Sweden following the €34 million ($44 million) purchase of a logistics warehouse in Greater Stockholm in November 2011.

Founded in 1984, Rockspring Property Investment Managers specializes in the acquisition and management of commercial property throughout the United Kingdom and continental Europe. As of September, Rockspring had gross assets of €7.5 billion ($9.7 billion) in funds under management and undrawn commitments. It represents a diverse client base including the Rockspring Hanover Property Unit Trust; the Rockspring PanEuropean Property Limited Partnership; Rockspring TransEuropean II, III and IV; The Industrial Trust; Retail Plus; The Rockspring German Box Fund; The Rockspring Portuguese Property Partnership; Rockspring Total Europe; Rockspring U.K. Value Fund; and single-client mandates. Rockspring’s property assets are located in the United Kingdom and 14 other European countries.

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