European investment manager Rockspring Property Investment Managers has raised a further commitment of €50 mln for its PanEuropean PLP open-ended fund from a European institutional investor.
'With an already stable LP base, most of which has now been with PanEuropean for over 10 years, this fresh equity from a new investor represents a further strong endorsement of the fund and its core, evergreen strategy, and is a significant step forward in achieving our current capital raising objective,' commented Flavio Casero, partner at Rockspring and fund manager of PanEuropean.
The additional equity equates to a third of Rockspring’s current €150 mln capital raising target for PanEuropean, and will be deployed as part of the fund’s ongoing core investment programme into office, logistics and retail assets in key European growth markets (excluding the UK) by the end of Q3 2017. On completion of the current fund raising campaign, the fund is projected to have a value of €650 mln.
So far this year the fund has acquired Coca-Cola's German headquarters in Berlin for €59 mln (pictured), as well as securing a high-street unit in central Paris for €26 mln off-market.
'Thanks to our Europe-wide transaction teams, today we have an exciting and deliverable pipeline in excess of €250 mln, which includes mostly off-market offices in Amsterdam, distribution centres in the Netherlands, urban logistics assets around major European cities, and student housing in the Nordics,' added Casero.
Established in 1973, PanEuropean specialises in the acquisition and management of commercial property located in major cities and large conurbations in western Europe and Scandinavia.
