Rockspring inks core-plus acquisitions in Hamburg

Rockspring Property Investment Managers has acquired three core-plus office and commercial assets in Germany totalling 24,350 m2 from Valad Europe.

Financial details were kept confidential.

The investment is the third for Rockspring's TransEuropean Property V fund in Germany and brings its total spending across Europe to some €550 mln since launching in 2012.

The assets, which were owned by Valad’s V+ Germany mandate, are located in Langenhorn, Hamburg and are fully let to a single tenant and on a long-term basis. They were sold together with a 4,000 m2 development plot at the same location.

Rockspring said it is considering building a 5,500 m2 office property on the vacant plot with construction due to start in Q4 2014.

'The acquisition offers an extremely attractive income return to the fund from day one, with a number of interesting asset management opportunities in the mid term,' commented Stuart Reid, partner in charge of Rockspring Germany. 'Indeed, since acquisition TransEuropean has already extended the Evotec lease by a further five years through to December 2027, improving the overall WALT on the portfolio to just under 11 years.'

Andreas Hardt, Valad Europe’s head of Germany, added: 'It is a good time for us to capitalise the value added to these assets and then repatriate the funds back to the client within the first three months of our reappointment on the V+ Germany mandate.'

Jones Lang La Salle acted for Valad Europe. HIHBoxberg Capital advised Rockspring on the acquisition and is retained as local asset manager by Rockspring.