Rockspring Property Investment Managers LLP announces that, on behalf of the Rockspring German Retail Box Fund, it has acquired three retail warehouse properties in Neuss, Kassel and the Emspark in Leer, Germany. Purchased off-market from a private investor for a total consideration of 62.2 million, the acquisitions reflect a blended net initial yield of just under 7%.
On behalf of a number of in-house funds, Rockspring manages over 1.1 billion of retail warehousing assets in Germany and Switzerland. The focus continues to be on ground floor, food-anchored centers, with flexible planning consents.
Stuart Reid, Head of Rockspring's German operation, commented: "Following detailed research in the early 2000s, we decided to focus our efforts in Germany on the retail warehouse sector, which we felt offered strong secure rental income streams at good value in relative European terms. We have built up a significant German portfolio and believe the fundamentals of the market are as strong today as we projected. We continue to have appetite for further acquisitions in this market."
JLL acted on behalf of Rockspring on the acquisition.