Rockspring Property Investment Managers has acquired the freehold interest in a Homebase property in Walthamstow's district of London from Morley Pooled Pension Fund for £16.6mln (EUR 21mln). The deal reflects a net initial yield of 6.15%. The property is earmarked for Rockspring TransEuropean LP IV.
Rockspring Property Investment Managers has acquired the freehold interest in a Homebase property in Walthamstow's district of London from Morley Pooled Pension Fund for £16.6mln (EUR 21mln). The deal reflects a net initial yield of 6.15%. The property is earmarked for Rockspring TransEuropean LP IV.
The asset comprises a 5,300 m2 retail warehouse unit which was refurbished and extended in 2006. The property is let to DIY retail chain Homebase for a term of 20 years from April 2006 at a passing rent of £1mln. Williamson Williams advised Rockspring and Montagu Evans advised Morley.
Rockspring Property Investment Managers is an independent property fund manager formed on 1 July 2004 as a result of a management buyout from US-based Prudential Financial. Headquartered in London, Rockspring has been active in European property since 1984 and today has a network of offices in Berlin, Brussels, Budapest, Madrid, Paris and Helsinki.
