Rockspring Property Investment Managers has completed the acquisition of a French logistics portfolio on behalf of its TransEuropean VI fund for €101 mln from Foncière des Régions.
The transaction, which brings Rockspring’s French logistics portfolio to over €300 mln, was initially announced in February. Aareal Bank provided finance for the deal.
The portfolio, which is located along France’s north-south logistics corridor, comprises four modern logistics assets totalling 214,597 m2 across eight buildings. The assets are situated in four local sub markets - Dunkirk, Chalon-sur-Saône, Salon-de-Provence and Bollène – and are 100% let to 10 international tenants, including DHL, Amazon, Honeywell, Rhenus Logistics and Celio Logistique.
Rockspring said it has identified considerable opportunities to unlock additional value through improvement works, development and tenant negotiation.
'The successful close of this acquisition complements the transactions we have already done in Geneva and London and also provides our Paris management team with a number of value creation angles to explore,' said Paul Hampton, fund director of TEP VI.
To date, TEP VI has raised €327.5 mln from seven international, institutional investors, with additional planned to be held throughout Q2 until the fund reaches its hard cap of €500 mln. TEP VI combines a blend of high income and capital intensive asset management strategies and primarily invests into office, retail and industrial properties across continental Europe and the UK with a value add risk profile. The fund will be geared to a level of 55%, delivering a spending power of €1 bn.
For Foncière des Régions, the disposal is in line with plans to exit the logistics property sector.
Lefèvre Société d’Avocats, Gide Loyrette Nouel, Les Notaires du Quai Voltaire, Turnbull / Burgeap, Arsene, Taxand, Eversheds and Expansion advised Rockspring. CBRE, JLL, Chevreux & Associés and De Pardieu Brocas Maffei advised Foncière des Régions.
