Rockspring Property Investment Managers has committed CHF 150 mln (€120 mln) to a new office development in the Plan-les-Ouates district of Geneva.
Rockspring Property Investment Managers has committed CHF 150 mln (€120 mln) to a new office development in the Plan-les-Ouates district of Geneva.
Known as Skylab, the development will offer 22,500 m2 of Grade A office accommodation over five floors including parking, an onsite nursery and restaurant.
Around 20% of the space has already been secured, leaving 18,000 m2 available. The asset is owned by the Rockspring TransEuropean Property Limited Partnership V.
The announcement follows the development and sale of Bluebox, also located in Plan-les-Ouates, to the real estate asset management division of Credit Suisse for CHF 112 mln on behalf of Rockspring’s TransEuropean Property Limited Partnership IV in July 2013.
'Following the successful completion, leasing and sale of Bluebox, which achieved a 30% IRR for the TransEuropean IV Fund, it is clear that there is high demand for prime offices in Plan-les-Ouates, an increasingly institutionalised area of Geneva,' said fund manager Charles-Nicolas Tarriere.
TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with firepower of €700 mln, the fund has invested €325 mln in France, Switzerland, Germany and Sweden.
