Rockspring announced that it has committed CHF150 million (approx. €122 million) to a new-state-of-the-art office development, ‘Skylab’ located in the world renowned Plan-les-Ouates, Geneva. A ground breaking ceremony was held on Tuesday 1 October 2013 and completion of the project is planned for summer 2015.
Skylab will offer circa 22,500 m² (242,190 ft²) of Grade A office accommodation over five floors including parking, an onsite nursery and restaurant, and is strategically located less than 15 minutes from Geneva’s International Airport. 20% of the space has already been secured, leaving 18,000 m² (193,750 ft²) available. The asset will also benefit from outstanding green credentials, targeting a BREEAM excellent rating, and is also in line to achieve the “Minergie Label”, the Swiss sustainability award for green design and technology.
This announcement follows the successful development and sale of Bluebox, also located in Plan-les-Ouates, to the real estate asset management division of Credit Suisse for CHF112 million (approx. € 91.1 million) on behalf of Rockspring’s TransEuropean Property Limited Partnership IV (‘TransEuropean IV’) in July 2013.
Charles-Nicolas Tarriere, Manager of the Rockspring TransEuropean V Fund, commented:
“Following the successful completion, leasing and sale of Bluebox, which achieved a 30% IRR for the TransEuropean IV Fund, it is clear that there is high demand for prime offices in Plan-les-Ouates, an increasingly institutionalized area of Geneva. We therefore are very confident about Skylab’s prospects and believe that this state-of-the-art asset could be a key performance driver for TransEuropean V.”
TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with an ability to invest €700 million, the fund has been designed to enable investors to benefit from the re-pricing of the European property market and create a blend of core, high-cash-yielding core plus and value-adding real estate. To date, the fund has invested €325 million in France, Switzerland, Germany and Sweden.