Rockspring Property Investment Managers announces that it has raised a further commitment of €50m for PanEuropean PLP, one of Europe’s longest standing open-ended funds, from a European institutional investor.
This additional equity equates to a third of Rockspring’s current €150m capital raising target for PanEuropean, and will be deployed as part of the Fund’s ongoing core investment programme into office, logistics and retail assets in key European growth markets (excluding the UK) by the end of Q3 2017. On completion of the current fund raising campaign, the Fund is projected to have a value of €650m.
The commitment follows a very active start to the year for PanEuropean with regard to both investment and asset management, including:
- Completion of the purchase for €59m of a highly reversionary 10,000 m² office building located in the vibrant Mediaspree area of Berlin, entirely let to Coca-Cola as its German headquarters, on an 11 year lease.
- Off-market €26m acquisition of a 500 m² high street unit in the highly sought-after Le Marais district of central Paris, which exchanged in May.
- Successful letting of the newly built 42,000 m² distribution centre in Venlo, the Netherlands in its entirety to Arvato, a leading international logistics service supplier, on a 6-year lease.
Flavio Casero, Partner at Rockspring and Fund Manager of PanEuropean said: “With an already stable LP base, most of which has now been with PanEuropean for over 10 years, this fresh equity from a new investor represents a further strong endorsement of the Fund and its core, evergreen strategy, and is a significant step forward in achieving our current capital raising objective. It will be deployed in line with the Fund’s strategy, which aims to deliver a low-risk dividend yield of 5%+ and a total, net-to-investor return of 7%+ by targeting enduring locations across western and northern Europe, where supply / demand dynamics support further growth over time."
