Rockspring Property Investment Managers achieved the fastest final close in its 30-year history, by raising £342m for its UK Value 2 fund in eight months.
It secured the equity from 11 institutional investors in Australia, Finland, Germany, the UK and Denmark. The final two closes raised £100m from two Danish investors.
UK Value 2 will target core plus opportunities across the UK and follows the fully invested Rockspring UK Value Fund, which was launched in 2009. It will have a seven-year lifespan and a target IRR of 12.5% per annum. It will be 50% geared, providing total investment firepower of around £650m.
To date, seven acquisitions have been made, bringing the aggregate value of assets to over £200m
. This includes Cambridge Research Park, acquired for £21m last November from Clearbell, the £37m Maskew Retail Park in Peterborough, purchased last July from Chambers Street Properties, as well as a joint venture with Barwood Development Securities to acquire strategic development land.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “This has been a very successful process in many ways for Rockspring. Not only did we achieve final close within a record timeframe, we also received commitments from a significant mix of both new and repeat investors - a strong endorsement of what we have accomplished with UK Value 1.
“Our ability to access quality assets - on a predominantly off-market basis - has ensured the swift investment of nearly a third of the fund’s capital to date and I am confident that, with the pipeline we already have in place, we will be able to meet our target of securing £650m of assets by the summer of 2016.”
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