01 August 2017
Berlin
Reporter: Theo Andrew

Rockspring German retail fund raises €87 million


Rockspring Property Investment Managers has exceeded its latest fundraising target for the German Retail Box Fund (GRBF), raising €87 million in a three-month period.

Secured from four existing investors, the capital will be invested in GRBF’s re-development programme over the next three to five years. According to Martin Trodden, European director at Rockspring, the raise is “a clear endorsement of how resilient the sector and chosen strategy have proven”.

Launched in 2005 in partnership with Prime Management, GRBF targets long-term income and growth on grocery-anchored retail assets, and has a gross asset value of almost €1 billion.

Since its inception, the fund has achieved occupancy rates of between 94 percent and 98 percent, delivering 7 percent net of all fees to its investors.

Oliver Krämer, head of asset management at Prime Management, said: “Over a number of years, we have worked exceptionally hard to develop strong tenant relationships and this capital enables us to continue to invest into our standing portfolio.”

Kramer added: “Through the refurbishment and modernisation of some of the more dated buildings, many of which we have already secured pre-lets on ahead of redevelopment, we will be able to strengthen the portfolio’s overall credentials in terms of its income security, tenant diversity and, ultimately, net operating income.”

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