Five investors from the UK, France, Finland and the US have committed more than €200m to Rockspring Property Investment Managers’ latest European real estate fund.
Rockspring said it had raised €217.5m for TransEuropean VI – more than half of the €400m it is targeting for the value-added fund.
It follows on from TransEuropean V, which closed in 2012 with more than €350m of capital commitments from 12 investors and has since generated a 21.5% yearly return.
The TransEuropean series of funds was first launched in 1992 and has since invested €1.7bn in European real estate.
The latest fund, which is expected to be the largest in the series, will invest in office, retail, industrial and residential markets.
With gearing of 55%, the fund could have close to €1bn to invest.
Paul Hampton, Rockspring partner and fund director of the TransEuropean series, said: “To raise over half of our target equity in the first close is a fantastic result.”
He added: “With over €200m of transactions either already closed on or in due diligence, we are keen to conclude our fundraise so that we can focus on assembling the remainder of the portfolio.”
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