Rockspring Property Investment Managers said on Friday that it has completed four acquisitions on behalf of its Retail Plus Property Trust and Trans-European IV funds for a total of £48.5mln.
Rockspring Property Investment Managers said on Friday that it has completed four acquisitions on behalf of its Retail Plus Property Trust and Trans-European IV funds for a total of £48.5mln.
Rockspring has acquired the freehold interest in 109-119 Queen Street and Windsor Court, Cardiff for £18 mln from Resolution Asset Management. The portfolio consists of seven retail units let to tenants such as Office Shoes, Clarks and Sports World and a self contained office let to Barclays Bank. The acquisition reflects a net initial yield of 7.25%.
Additionally, the company has bought a portfolio of industrial properties from Zurich Assurance consisting of two stand-alone units and two multi-let estates for £13.37 mln. The properties are located in Luton, Waterlooville, Tonbridge and Milton Keynes. The deal reflects a net initial yield of 7.40%. In Cheltenham, Rockspring has bought two retail units from KBC for £7 mln, reflecting a net initial yield of 6%. Rockspring, with JV partner Hunter Property Fund Management, has also acquired Station Plaza, Ilkley from Tiger Properties for £10mln, reflecting a net initial yield of 5.6%.
Rockspring is an independent property fund manager formed in July 2004 as a result of a management buyout from Prudential Financial of the US. Headquartered in London, Rockspring has been active in European property since 1984 and today has offices in Berlin, Brussels, Budapest, Madrid, Paris and Helsinki.