Rockspring Property Investment Managers LLP (“Rockspring”), on behalf of Rockspring UK Value 2 LP (“UK Value 2” or “the Fund”) and in conjunction with its joint venture partner, the specialist industrial asset manager Caisson Investment Management (“Caisson”), announces the acquisition of four industrial assets across the UK for £30 million in separate transactions. These assets, which are located in Greater London, Greater Manchester and Durham, will form part of a larger portfolio of UK industrial assets being aggregated by Rockspring and Caisson for UK Value 2.
The four buildings total 571,000 sq ft and are:
Haydock Industrial Estate, Haydock, Greater Manchester – a 250,000 sq ft multi-let industrial estate across 32 units;
Hanover Road Industrial Estate, Altrincham, Greater Manchester – a 120,000 sq ft multi-let industrial estate comprising 17 units;
Morton Park Way, Darlington, County Durham – a 106,000 sq ft multi-let industrial estate across 42 small business units; and
Unit 1, Erith Distribution Centre, Bexley, Greater London – a 95,000 sq ft distribution warehouse.
Building on their existing successful, long-term relationship, which was established in 2009, Rockspring and Caisson are now working together to establish a portfolio of up to £100 million of UK, medium-sized single and multi-let industrial units on behalf of UK Value 2. The strategy is to generate an attractive stable income return and to realise capital growth through proactive asset management and expertly informed stock selection.
Richard Bains, Partner at Rockspring and Fund Director of UK Value 2, commented:
“By partnering with Caisson to aggregate a portfolio of medium well-located industrial assets with good transport links in areas where supply is short and there is potential to drive returns via rental growth and active asset management, we are aiming to contribute to a strong performance for UK Value 2. We are currently sourcing similar opportunities across the UK to add to the portfolio.”
David Carter, Managing Partner at Caisson Investment Management, said:
“Our research suggests that the multi-let industrial market is now entering the rental growth phase of the cycle which, when combined with focused asset management, should produce attractive investment returns.”
Philip Stott, Investment Partner at Caisson Investment Management, added:
“This marks our sixth venture with Rockspring and, based on our track record together, Rockspring’s firepower combined with Caisson’s knowledge of the sector and multi-let industrial asset management reputation, should prove a fruitful combination.”
Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close earlier this year, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history. Rockspring secured a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.
Contact for enquiries
Caisson Investment Management
+44 207 280 9600
Notes to editors
Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients - either directly for single-client accounts or through the Group’s series of tax-efficient, co-mingled investment funds. Rockspring is authorised and regulated by the FCA.
Fully independent and 100% owned by its Senior Management and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Budapest, Madrid, Paris as well as Client Services offices in Seoul, Sydney, and Washington, D.C. Its Executive Committee includes Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner - Finance).
Rockspring was established in 1984 by founder and Non – Executive Chairman, Richard Plummer.
As at June 2015 Rockspring had gross assets of €8.0 billion in funds under management and undrawn commitments. It represents a diverse client base including Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean III, IV, & V and VI, The Rockspring German Retail Box Fund, The Rockspring Portuguese Property Partnership, Rockspring UK Value Funds 1 & 2, and single client mandates. Rockspring’s property assets are currently located in the UK and 13 other European countries.
For further information, please visit www.rockspringpim.com
Caisson is an independent specialist asset manager with particular expertise within the multi-let industrial sector. Since its inception in 2009 the firm has been involved in c. £400.0m of transactions. Due to its specific asset management approach Caisson has consistently outperformed the IPD Industrial Index.
For further information, please visit www.caisson-im.com