A European property fund managed by Rockspring Property Investment Managers has sold all of its French assets to Blackstone for €233m.
Rockspring said the seven assets were sold from the TransEuropean Property Limited Partnership V fund.
The fund was launched in 2012 with €700m to invest. Rockspring has since launched its successor fund, with equity commitments of €430m.
The 300,000sqm portfolio was agglomerated by Rockspring between December 2012 and September 2015.
The company said it brought in new tenants, increased overall occupancy levels, extended leases and entered into some development during that time.
The properties are in France’s north-south logistics corridor around Paris and Lyon. The largest is the 142,313sqm Paris-Oise Logistics Park, in Longueil Sainte Marie outside Paris.
Paul Hampton, partner at Rockspring and fund director of the TEP series, said: “While the logistics sector in France remains an important part of our European real estate strategy, and indeed we continue to asset manage a significant portfolio from our Paris office, this transaction was timely and provided a compelling opportunity to realise value.”
