Rockspring Property Investment Managers has completed the sale of Bluebox, its state-of-the-art office development in Geneva, to a fund based in Switzerland and managed by the real estate asset management division of Credit Suisse for CHF112 million (approx. €90.6 million). The completion of this modern development and its subsequent sale has achieved a 30% IRR for the Fund.
Located in the world-renowned Plan-les-Ouates, Geneva, Bluebox comprises 140,000 sq ft of Grade A office space. The building has outstanding green credentials and has been awarded the “Minergie Label”, the Swiss sustainability award for green design and technology.
Rockspring originally acquired Bluebox on behalf of the Fund in 2008, and the development was completed on time and on budget in 2010. The building is fully let to a number of blue chip tenants from the pharmaceutical, biotechnical and luxury sectors, including L’Occitane and a subsidiary of Gedeon Richter.
Charles-Nicolas Tarriere, Manager of the Rockspring TransEuropean IV Fund, commented:
“The successful sale of Bluebox to a fund based in Switzerland and managed by the real estate asset management division of Credit Suisse demonstrates Rockspring’s ability to identify potential opportunities and operate effectively to create value in a traditionally closed domestic market. We have been able to apply international quality standards and bring a unique product to the local market. This has been a key performance driver for the Fund and underlines the demand for quality offices in this increasingly institutionalized area of Geneva which we plan to capitalize on again for our TransEuropean V Fund.”