Rockspring Property Investment Managers has secured £71.5 mln (almost €88 mln) in the first close of its UK Value 2 fund.
Rockspring Property Investment Managers has secured £71.5 mln (almost €88 mln) in the first close of its UK Value 2 fund.
The equityty commitments come from three investors, comprising institutions from Europe and Australia. A second closing for a further £75 mln is scheduled for end-June this year.
London-headquarted Rockspring is targeting an overall equity raise of over £300 mln by the final closing, which is anticipated to take place in late 2014. With leverage, this will allow Rockspring to create a portfolio of over £600 mln.
UK Value 2 will target core-plus opportunities across the UK and the first close will enable Rockspring to transact on its initial pipeline. The fund will have a duration of seven years, with a target IRR of 12.5% per annum.
UK Value 2 follows on from the fully invested Rockspring UK Value Fund, which was launched in 2009. Sales from this first UK Value fund have generated internal rates of returns (IRRs) in excess of 20% per annum.