Rockspring has sold the final asset in its Dutch light industrial portfolio, on behalf of Rockspring TransEuropean Property Limited Partnership V (TEP V), achieving a 26% per annum unleveraged internal rate of return.
The disposal of the 33,000 m2 Trade Park Zuid Oost asset in south east Amsterdam to Urban Industrial brings the total proceeds delivered from the portfolio sale to €115 mln.
'Underpinned by one of our key thematic strategies for the fund, the sale of this final asset from the portfolio has allowed us to realise impressive returns for TEP V and, to that end, credit must go both to our London based research team and our local Amsterdam office in developing our approach,' commented Paul Hampton, partner at Rockspring and fund director of the TEP series of funds.
Assembled between late 2013 and early 2014, on acquisition the portfolio comprised 241,000 m2 of floor space located within the Randstad area, and was 80% leased to 196 tenants, providing a gross day one rental income of €11.6 mln per annum. At point of sale, rental income had been increased by just under 10%.
TEP V, launched in 2012 with an ability to invest €700 mln, is the fifth fund in Rockspring’s TransEuropean series. To date, the fund has invested circa €690 mln in UK, France, Switzerland, Germany, Sweden and the Netherlands.
In July 2016 Rockspring announced the final close of Rockspring TransEuropean Property Limited Partnership VI (TEP IV). With equity commitments of €430 mln and leverage of up to 55%, it has a total expected spending power of circa €1 bn.
