Rockspring Property Investment Managers have recently spent £70 million on three new properties for their UK value fund. As well as deals in Aberdeen and Tyne, it has completed the sale and leaseback of a London office space development on 65 Southwark Street. The scheme formerly belonged to Deutche Bank.
The £8.6 million London deal saw Rockspring purchase the building and let it back to the bank on a short-term basis, with the intention of refurbishing it in the relatively near future, ideally in 2012.
Rockspring’s UK Value Fund was created in 2009 with the intention of capitalising on short-term opportunities in the commercial property market. The fund had attracted over £150 million of investment by the end of last year, and had a total target of £400 million – capable of purchasing £600 million of assets when leveraged. It is focused on small and medium-sized assets in the industrial, retail and office space sectors.