The fifth European property fund managed by Rockspring Property Investment Managers has sold almost 85% of its assets as the fund reaches its end of life.

TransEuropean Property Limited Partnership V (TEP V) had its final close in 2012 with €700m to invest. Rockspring has since launched its successor fund, with equity commitments of €430m

Rockspring said since the fourth quarter of 2017,  TEP V has agreed to sell eight investments for around €400m.

Just under 85% of the fund has now been liquidated with gross headline performance currently trending at just under 23.5% per annum compared with an initial target of 12%, the manager said.

Paul Hampton, a partner at Rockspring and fund director of the TransEuropean series, said: “We are obviously delighted to have closed out these transactions and indeed to have locked-in such attractive performance for our clients.

”It is especially pleasing that these results validate the strategy which we have been following as a house since the global financial crises and indeed the hard work that our local deal origination and asset management teams have brought to bear over that period.”

Among the disposals was a 132,000sqm portfolio of five grocery-anchored retail centres across Germany.

The company also sold two mixed-use retail and residential properties, in Stockholm, Sweden and Madrid, Spain to separate buyers for a combined price of €120m.

Rockspring’s TransEuropean series launched 26 years ago.