A European property fund managed by Rockspring Property Investment Managers has bought five industrial property assets in France.
Rockspring’s TransEuropean Property Limited Partnership VI fund bought the 158,000sqm portfolio in an off-market deal.
The deal comes soon after the sale last month of another French logistics portfolio spanning 300,000sqm of space from Rockspring’s previous fund to Blackstone.
A €101m portfolio of four French logistics properties was also acquired for the latest fund in April 2016 from listed French property company Foncière des Régions.
The assets, on the edge of Paris, Lyon and Orleans, will be managed by the firm’s Paris-based asset management team.
Paul Hampton, Rockspring partner and fund director of the TEP series, said: “The successful completion of this complex transaction, sees us conclude one of our core objectives for Fund VI – which was to build an attractive income-focused portfolio of investments within supply-constrained sub-markets.”
“We now have a high quality portfolio through which we expect to enjoy a strong leveraged cashflow whilst also pursuing a range of value enhancement initiatives – including building renovations, re-tenanting and selective redevelopment.”