Rockspring Property Investment Managers said on Monday that it has raised around €217.5 mln of equity commitments in the first close of its TransEuropean VI fund.
Rockspring Property Investment Managers said on Monday that it has raised around €217.5 mln of equity commitments in the first close of its TransEuropean VI fund.
Rockspring secured the equity - over half of the €400 mln volume targeted for the fund - from five investors across the UK, France, Finland and the US.
With further equity closings planned for the end of 2015, TEP VI is expected to be the largest in the TransEuropean series of funds, the asset manager noted.
TEP VI will look to source value-add opportunities across the office, retail, industrial and residential sectors in both Continental Europe and the UK. The fund has a maximum gearing of 55%, with a potential gross investment capability of close to €1 bn.
TEP VI follows TEP V, which closed in 2012 with over €350 mln of commitments from 12 investors, and has since delivered a 21.5% per annum return. The TransEuropean series of funds was first launched in 1992 and has invested €1.7 bn since inception, achieving a 13.1% annual IRR.
Paul Hampton, Rockspring partner and fund director of the TransEuropean series said: 'With over €200 mln of transactions either already closed on or in due diligence, we are keen to conclude our fundraise so that we can focus on assembling the remainder of the portfolio.'
