Rockspring Property Investment Managers LLP announces the successful final close of its UK Value 2 LP. Rockspring raised the equity in a record eight months, making UK Value 2 the fastest fundraise Rockspring has achieved in its 30 year history.
Rockspring has secured a total of £342 mln (€457 mln) of equity from 11 investors, comprising institutions from five countries: Australia, Finland, Germany, the UK and Denmark, with the final two closes achieving £100 million (€133 mln).
The Fund will have duration of seven years and a target IRR of 12.5% per annum. The Fund will be 50% geared to provide a total firepower of approx. £650 mln (€868 mln).
UK Value 2 will target core plus opportunities across the UK and follows on from the fully invested Rockspring UK Value Fund, which was launched in 2009. The Fund will benefit from the experience of Rockspring’s in-house platform and track record of sourcing, implementation and delivery of core plus and value add real estate strategies. To date, seven acquisitions have been made on behalf of UK Value 2, bringing the current total aggregate value of the assets in the Fund to over £200 million (€267 mln).
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 approx. £650 mln (€868 mln) of assets by the summer of 2016.”