Rockspring commits GBP102m to Skylab office development in Geneva
Rockspring Property Investment Managers has committed CHF150m (GBP102m) to a new-state-of-the-art office development, Skylab, located in the world renowned Plan-les-Ouates, Geneva.
A ground breaking ceremony was held on 1 October 2013 and completion of the project is planned for summer 2015.
Skylab will offer circa 22,500 sq m (242,190 sq ft) of Grade A office accommodation over five floors including parking, an onsite nursery and restaurant, and is strategically located less than 15 minutes from Geneva’s International Airport. Twenty per cent of the space has already been secured, leaving 18,000 sq m (193,750 sqft) available. The asset will also benefit from green credentials, targeting a BREEAM excellent rating, and is also in line to achieve the “Minergie Label”, the Swiss sustainability award for green design and technology.
This announcement follows the development and sale of Bluebox, also located in Plan-les-Ouates, to the real estate asset management division of Credit Suisse for CHF112m (GBP76.6m) on behalf of Rockspring’s TransEuropean Property Limited Partnership IV in July 2013.
Charles-Nicolas Tarriere, manager of the Rockspring TransEuropean V Fund, says: “Following the successful completion, leasing and sale of Bluebox, which achieved a 30 per cent IRR for the TransEuropean IV Fund, it is clear that there is high demand for prime offices in Plan-les-Ouates, an increasingly institutionalised area of Geneva. We therefore are very confident about Skylab’s prospects and believe that this state-of-the-art asset could be a key performance driver for TransEuropean V.”
TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with an ability to invest EUR700m, the fund has been 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-adding real estate. To date, the fund has invested EUR325m in France, Switzerland, Germany and Sweden.