FINANCE: Rockspring Property Investment Managers has raised an additional £50m for its UK Value Fund 2 in a third close.
This brings total equity commitments in the value-add vehicle to £150m, taking it halfway to its £300m target. A final close is expected at the end of the year.
The fund’s five investors are institutions from the UK, Europe and Australia.
Rockspring confirmed today that it had bought Bramley shopping centre in Leeds and Guildhall, an office and retail investment in Glasgow, for a combined £47.5m. The 121,342 sq ft shopping centre, acquired from NewRiver retail, reflects a net initial yield of 7.3%. Guildhall, purchased for £29m from Redevco, includes 145,392 sq ft of office space and reflects a net initial yield of 8%.
Richard Bains, partner and manager of Rockspring’s UK Value series of funds, said: “We are now firmly on track to meet our equity raise target of £300m and are actively identifying further properties that will meet our investment requirements and provide our investors with strong returns.”
Rockspring has real estate assets of €6.1bn (£4.9bn) under management as of March this year.
sophia.furber@estatesgazette.com
