Rockspring Property Investment Managers said on Wednesday it has completed over EUR 160 mln worth of transactions in Germany since the start of 2012.
Rockspring Property Investment Managers said on Wednesday it has completed over EUR 160 mln worth of transactions in Germany since the start of 2012.
The UK-based investment manager has acquired four value-add and core-plus properties across the country on behalf of three separate Rockspring funds for a total consideration of EUR 125 mln.
The purchases include two core-plus retail warehouse centres in Bavaria and Berlin comprising The Iller Center, Senden, and a retail warehouse centre to the east of Alexander Platz. Together, they comprise 49,500 m2 of lettable space and are anchored by Edeka/Marktkauf, Saturn, Toom and Sconto.
In Leipzig, Rockspring has bought the 41,500 m2 Löwen Center anchored by Real, Roller, Medi Max and Deichmann with the aim of re-gearing all the leases in the 20-year old centre and undertaking a refurbishment in 2013. In addition, a single-let logistics centre was purchased in Werl, North Rhein-Westphalia.
Stuart Reid, partner of Rockspring with responsibility for Germany, noted that all four acquisitions involved sales by foreign owners, three of which entered into the German market at its height and were looking for a clean exit to an equity purchaser. 'This trend is likely to continue as foreign banks and owners prepare further sales of non-core assets at attractive pricing over the next 24 months,' he added.
At the same time, Rockspring has responded to the strong market interest in core properties by taking the opportunity to sell two core long-leased retail warehouse properties on behalf of the EUR 700 mln Rockspring German Retail Box Fund (RGRBF). The properties in Jever and Krefeld have been sold to two German institutional purchasers for a total price of just over EUR 30 mln.