Rockspring is launching a £350m fund to invest in UK commercial property.

The independently-owned fund manager is looking for £175m of equity for the UK Value Fund and is targeting an annual return of around 12%.

Rockspring chief executive Robert Gilchrist revealed plans for the fund at MIPIM today, saying that European investors could now find good value in the UK. He said the UK market was not at, or close to, fair value.

The fund was value-add, rather than opportunity, he added, because Rockspring does not believe there is a high level of forced sellers in the UK.