Wed, 27/08/2014 - 16:05
Rockspring Property Investment Managers has held the third close of its UK Value 2 fund, bringing total equity commitments to GBP150 million.
In addition, the fund has acquired Bramley Shopping Centre in Leeds and Guildhall, an office and retail investment in Glasgow, for a total consideration of GBP47.5 million.
These transactions follow the acquisition of Maskew Retail Park, Peterborough in July and brings the total number of assets in the fund to three, with an aggregate value of GBP84.5 million.
Rockspring launched UK Value 2 earlier this year and, at third close, the fund has achieved 50 per cent of its GBP300 million target equity raise, securing GBP150 million from five investors, comprising institutions from the UK, Europe and Australia. The fund is scheduled to complete its final close at the end of this year, with a portfolio target of over GBP600 million.
Bramley Shopping Centre in Leeds is a neighbourhood shopping centre to the north west of the city. The asset was acquired by the fund from NewRiver Retail for GBP18.5 million, reflecting a net initial yield of 7.3 per cent per annum. The property comprises 121,342 sq ft of retail, supermarket and office space, accommodating a range of tenants including Tesco, Boots, and Poundstretcher.
Guildhall, a multi-let city centre office and retail investment in Glasgow, was purchased for GBP29 million from Redevco, reflecting a net initial yield of 8.0 per cent per annum. The asset is located alongside Glasgow’s core retail shopping district and encompasses 145,392 sq ft of office and retail accommodation arranged over eight floors. Guildhall is occupied by a number of office tenants, including Clydesdale Bank and the National Bank of Australia. Cuthbert White acted for Rockspring and JLL acted for Redevco.
Richard Bains, Rockspring partner and fund manager of the UK Value series, says: “The conclusion of the Bramley and Guildhall transactions means that, together with the Maskew Retail Park acquisition, we have now closed a deal a month since the launch of UK Value 2, demonstrating a similar level of investment efficiency to that set by the original Rockspring UK Value Fund, where sales to date have generated IRRs in excess of 20 per cent per annum. All three properties reflect the central ethos of the Fund, which is good quality real estate with deliverable upside potential. We are now firmly on track to meet our equity raise target of GBP300 million and are actively identifying further properties that will meet our investment requirements and provide our investors with strong returns.”
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