The fifth European property fund managed by Property Investment Managers has sold almost 85% of its assets as the fund reaches its end of life.
TransEuropean Property Limited Partnership V (TEP V) had its final close in 2012 with 鈧�700m to invest. Rockspring has since launched its successor fund, with equity commitments of 鈧�430m.
Rockspring said since the fourth quarter of 2017, TEP V has agreed to sell eight investments for around 鈧�400m.
Just under 85% of the fund has now been liquidated with gross headline performance currently trending at just under 23.5% per annum compared with an initial target of 12%, the manager said.
Paul Hampton, a partner at Rockspring and fund director of the TransEuropean series, said: 鈥淲e are obviously delighted to have closed out these transactions and indeed to have locked-in such attractive performance for our clients.
鈥滻t is especially pleasing that these results validate the strategy which we have been following as a house since the global financial crises and indeed the hard work that our local deal origination and asset management teams have brought to bear over that period.鈥�
Among the disposals was a 132,000sqm portfolio of five grocery-anchored retail centres across Germany.
The company also sold two mixed-use retail and residential properties, in Stockholm, Sweden and Madrid, Spain to separate buyers for a combined price of 鈧�120m.
Rockspring鈥檚 TransEuropean series launched 26 years ago.
