Rockspring Property Investment Managers Limited has successfully launched and closed TransEuropean IV, the fourth in its series of closed-ended, value-added, cross-border European funds.
At Final Closing, Rockspring had secured commitments totalling 274m from 13 international institutional investors from eight countries. These investors include the School Employees Retirement System of Ohio, Woelbern Invest AG, Industriens Pension, Vital Forsikring ASA, Windsor Trust and the National Pension Service of Korea. A number of the investors have invested in previous TransEuropean investment vehicles launched and managed by Rockspring. Allowing for gearing, the Fund's spending power totals approximately €600 million.
TransEuropean IV will acquire properties in the European Union and EU accession countries in the retail, office and industrial sectors and which will embody a blend of core plus and value adding strategies. It is targeting a net annual distribution yield of 6% and a net total return of 11% per annum.
To date the fund has acquired eight assets totalling €152.0 million, including:
- Retail Warehouses in Hoorn (Holland) and Sandweiler (Luxembourg) and high street retail units in Puerto Ban