Rockspring Property Investment Managers acquire French logistics portfolio for €101 million
Rockspring Property Investment Managers LLP announced that it has completed the acquisition of a French logistics portfolio on behalf of TransEuropean VI LP for €101 million from Foncière des Régions. The transaction brings Rockspring’s French logistics portfolio to in excess of €300 million and follows the successful acquisition of French logistics assets for the Fund’s predecessor, TransEuropean V. Rockspring initially announced that it had agreed to purchase the portfolio in February 2016.
The portfolio, which is located along France’s north / south logistics corridor, comprises four high grade, modern logistics assets totalling 214,597 sqm 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. Rockspring has identified considerable opportunities to unlock additional value through improvement works, development and tenant negotiation.
Paul Hampton, Partner and Fund Director of TEP VI 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 €327.5 million from seven international, institutional investors. Additional closes will be held throughout Q2 until the fund reaches its hard cap of €500 million. 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 c. €1 billion.
Lefèvre Société d’Avocats, Gide Loyrette Nouel, Les Notaires du Quai Voltaire, Turnbull / Burgeap, Arsene, Taxand, Eversheds and Expansion advised Rockspring and the deal was financed by Aareal Bank. CBRE, JLL, Chevreux & Associés and De Pardieu Brocas Maffei advised Foncière des Régions.