Rockspring is looking for buyers for a £265m (€337m) shopping-centre portfolio in the UK.

The investment manager said the portfolio of seven regional shopping centres was being sold from its UK Value 1 fund.

Reflecting a net initial yield of around 7%, the portfolio generates £18.7m in net annual income and includes properties in England and Scotland. Eastdil and Coady Supple are advising on the sale.

Rockspring launched a follow-on fund, the UK Value 2, in May this year. Rockspring said the fund was on target to raise £300m with a final close in November.

Last month, five investors from the UK, Europe and Australia backed UK Value 2, which had its third close with £150m committed. The fund has made three acquisitions so far.

In June this year, Rockspring was hired by AustralianSuper to run its direct office and retail real estate investment strategy across continental Europe. AustralianSuper, the largest superannuatioin scheme in Australia with AUS$6bn (€4.14bn) dollars in assets, is seeking to diversify its real estate portfolio.