Rockspring beats Angelo Gordon, Valad to EUR67m Dutch portfolio

 Jan 2014

Source: DebtWire

Rockspring Property Investment Managers has bought a portfolio of light-industrial properties in the Netherlands, said property consultancy CBRE, and as flagged  by this news service last year.

The UK-based fund manager paid EUR67,1 million for the portfolio of 11 properties, which together produce EUR 9m in annual rent, according to a source familiar with the situation. It beat a joint venture of Angelo Gorden and Valad Europe.

The portfolio-dubbed Zander-came out of the European Industrial Partnership, a pan-European closed-end fund investing in industrial assets in France, Germany and the Netherlands. The fund is asset-managed by Valad Europe and fund managed by AXA REIM. It was launched in 2010 by IO Group/Teesland, with funding coming from Bank of Scotland, which later was merged into HBOS and then Lloyds. The IO Group /Teesland were later acquired by Valad.

The portfolio earmarked for sale originally had a volume of EUR 90m, as previously reported. A portion of the assets was snapped up by HIG and M7 Real Estate. Rockspring has lined up Caisson Investment Management as asset manager for the properties.

In a press release, CBRE, acting for the sellers, said AXA also sold the Spring portfolio of 10 light-industrial assets in France to Northwood Investors. The property consultants said the two deals had a combined volume of EUR 184.1 m. The sales were prompted by the fund’s looming January 2015 expiry, CBRE said. However, a 2007 Valad presentation stated that the fund, established in 2001, had an eight-year life.

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