Rockspring Property Investment Managers has launched the seventh fund in its TransEuropean series (“TEP VII” or “the Fund”) with a €100m first close. The initial equity has been secured from two investors from the UK and the USA who have supported the fund series for over 26 years. The firm is targeting a €500m raise, with a number of other investors presently in due diligence.
Like its forerunners, TEP VII will pursue a cash-flow driven value-add strategy primarily across the office, industrial and residential sectors in continental Europe and the UK. Applying more of an ‘operator style’ approach which draws on its local deal origination and asset management teams - and with TEP VI fully invested well ahead of schedule - Rockspring hopes to be able to close in on a growing pipeline of compelling investment opportunities. Gearing has been set at 60%, suggesting potential firepower of up to €1.2bn.
Paul Hampton, Rockspring Partner and Fund Director of the TransEuropean series said: "To be announcing our first closing at this point is clearly fantastic news, something that is a testament to the strategy which has been designed to suit the current market and the longevity and commitment of the senior management team. With an even deeper pool of local resources at our disposal following the tie-up with Patrizia, and we are excited about the prospects for TEP VII as we look forward."