Rockspring announces the disposal of the final property from its Dutch light industrial portfolio, the 33,000m² Trade Park Zuid Oost in south east Amsterdam.
The purchaser is Urban Industrial, a leading investor in Dutch industrial real estate. The transaction brings the total proceeds delivered from the sale of the portfolio to €115m.
Assembled between late 2013 and early 2014, on acquisition the portfolio comprised 241,000m² of floor space, was located within the Randstad area – one of Europe’s most densely populated areas between Amsterdam, The Hague and Rotterdam – and was leased to 196 tenants, providing a gross day one rental income of €11.6m per annum.
TEP V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with an ability to invest €700m, the Fund was 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-add real estate.
To date, the fund has invested circa €690m in UK, France, Switzerland, Germany, Sweden and the Netherlands.
In July 2016 Rockspring announced the final close of the latest fund in the TransEuropean series, Rockspring TransEuropean Property Limited Partnership VI. With equity commitments of €430m and leverage of up to 55%, it has a total expected spending power of circa €1bn.
Rockspring were advised by Loyens and Loeff.
