Rockspring raises over €200 million in first close of TransEuropean Fund

Posted on 14 October, 2015 by Cliff Goodwin

Rockspring Property Investment Managers has confirmed the first close of its sixth TransEuropean VI (TEP VI) fund.

Rockspring raises over €200 million in first close of TransEuropean Fund

Attracting total commitments of €217.5m (£162.8m) from five UK, French, Finnish and United States investors — representing more than half of the fund’s €400m (£299m) target — the vehicle now has close to €1bn (£748m) investment capability.

By adopting a high income, capital intensive strategy, TEP VI will focus on value-added opportunities across the office, retail, industrial and residential sectors in both Continental Europe and the UK.

Steered by Rockspring chief executive, Robert Gilchrist, the fund will benefit from both the on-the-ground expertise of the company’s seven European offices, as well as its 30-year track record of deal origination and value creation.

“To raise over half of our target equity in the first close is a fantastic result and we are extremely grateful to our investors for their ongoing loyal support and confidence in our team,” commented Paul Hampton, a Rockspring partner and fund director of the TransEuropean series.

“This first close is also testament to our fundraising capabilities and ability to source value in competitive markets,” he added.

“With over €200m (£149m) 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.”

With further equity closings planned for the end of 2015, TEP VI is expected to be the largest in the TransEuropean series of funds.

TEP VI follows TransEuropean V, which closed in 2012 with over €350m (£261m) of commitments from 12 investors and which has since delivered a 21.5 per cent annual return. The TransEuropean series of funds were first launched in 1992 and have invested a total of €1.7bn (£1.27bn) across 14 European countries.

Founded in 1984, Rockspring currently has €8bn (£5.9bn) worth of funds under management. It specialises in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients, either directly for single-client accounts or through the group’s series of investment funds.

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