Rockspring Property Investment Managers has completed the sale of the Bluebox office development in Geneva to a fund managed by the real estate asset management division of Credit Suisse for CHF112 mln (鈧�89 mln).
Rockspring Property Investment Managers has completed the sale of the Bluebox office development in Geneva to a fund managed by the real estate asset management division of Credit Suisse for CHF112 mln (鈧�89 mln).
Located at Plan-les-Ouates, Geneva, Bluebox comprises 140,000 sq ft (13,000 m2) of Grade A office space and is fully let to a number of blue chip tenants including L鈥橭ccitane and a subsidiary of Gedeon Richter.
Rockspring originally acquired Bluebox on behalf of Rockspring TransEuropean Property Limited Partnership IV in 2008. The development was completed on budget in 2010.
'This deal underlines the demand for quality offices in this increasingly institutionalised area of Geneva which we plan to capitalise on again for our TransEuropean V Fund,' said Charles-Nicolas Tarriere, manager of the Rockspring TransEuropean IV Fund.
The sale has generated a 30% Internal Rate of Return for the vehicle.
Rockspring TransEuropean IV, the fourth fund in the TransEuropean series, is now fully invested and consists of a diversified portfolio of property investments throughout Europe.
The disposal comes hard on the heels of Rockspring's 拢14 mln sale and forward funding of a mixed-use development in St Albans to clients of Knight Frank Investment
Rockspring pre-let 85% of the proposed scheme to Premier Inn Hotels, for a 123-bedroom hotel, and to Metro Bank, which has taken a 25 year lease.
