Rockspring Property Investment Managers has invested €272 mln in three separate transactions on behalf of TransEuropean VI (TEP VI) since its first close in October 2015.
Rockspring Property Investment Managers has invested €272 mln in three separate transactions on behalf of TransEuropean VI (TEP VI) since its first close in October 2015.
The acquired properties are L’Atelier, a 45,000 m2 office development site in Geneva bought off market for €80 mln; the Metro building in Hammersmith, a multi-tenanted, west London office asset acquired for €91 mln; and a 214,000 m2 logistics portfolio across France, for €101 mln.
These combined transactions represent 25% of the funds total expected firepower of €1 bn.
'With further transactions totalling just under €200 mln also under offer in similarly dominant urban locations, we are working closely with investors and hope to achieve an accelerated second closing in coming weeks,' said Paul Hampton, Rockspring partner and fund director of the TransEuropean series.
Rockspring announced a first close for TEP VI in October 2015 with €217.5 mln from five international investors and a second close is imminent. Fundraising will continue through Q2 2016 or until a hard cap of €500 mln is reached.
TEP VI combines a blend of high-income and capital intensive asset management strategies and 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%.
