Rockspring Property Investment Managers has completed the acquisition of a French logistics portfolio on behalf of TransEuropean VI for €101m from Foncière des Régions.
The transaction brings Rockspring’s French logistics portfolio to in excess of €300m and follows the successful acquisition of French logistics assets for the Fund’s predecessor, TransEuropean V.
The portfolio, which is located along France’s north / south logistics corridor, comprises four high grade, modern logistics assets totalling 214,597m2 across eight buildings. The assets are strategically situated in four local sub markets - Dunkirk, Chalon-sur-Saône, Salon-de-Provence and Bollène – each with a strong occupancy record and benefitting from excellent transport links. The portfolio is 100% let to ten international tenants including DHL, Amazon, Honeywell, Rhenus Logistics and Celio Logistique.
Paul Hampton, fund director of TEP V1 said: “The successful close of this acquisition so early on in the fund’s life is a demonstration of our sourcing and deal-making ability, and it gives us good momentum as we head into the second quarter. It complements the transactions we have already done in Geneva and London and also provides our Paris management team with a number of value creation angles to explore.”
To date, TEP VI has raised €327.5m from seven international institutional investors; additional closes will be held throughout Q2 until the fund reaches its hard cap of €500m. TEP VI combines a blend of high income and capital intensive asset management strategies and primarily invests into office, retail and industrial properties across continental Europe and the UK with a value add risk profile. The fund will be geared to a level of 55%, delivering a spending power of around €1bn.
