Rockspring raises €87m for German Retail Box Fund
Rockspring Property Investment Managers has raised €87 million ($115 million) for its German Retail Box Fund.
The new equity, which exceeds the fund’s initial target for this fundraise, has been secured from four existing investors within a three-month period.
The capital, together with available bank financing, will be invested in the fund’s substantial redevelopment program over the next three to five years.
The fund, which was launched in 2005 in partnership with Düsseldorf-based Prime Management, is underpinned by a long-term income and growth strategy focused exclusively on large floor plate, grocery-anchored German retail assets.
GRBF currently has a gross asset value of almost €1 billion ($1.3 billion) and, having maintained high average portfolio occupancy rates of between 94 percent to 98 percent since the launch, the partnership has been able to distribute just under 7 percent, on average, to its investors since inception.