Rockspring on a roll with £74.8m spending spree
19/07/2010 | EGI
Rockspring Property Investment Managers this morning announced that it has bought four properties in the UK for £74.8m.
On behalf of Rockspring Hanover Property Unit Trust, it has acquired the freehold interest in the 99,644 sq ft Fox Court, at 14-22 Grays Inn Road, WC1, for £52.2m - a 7.4% yield - from Prudential Assurance Company.
The purchaser was advised by Gresham Down Capital Partners and JLL acted for the vendor.
In Derbyshire, Rockspring has bought, on behalf of the Cheshire Pension Fund, the freehold of Welcome Break Services at Shardlow from AXA for £12.31m, reflecting a yield of 6.42%.
The asset was acquired for its long unexpired lease term in excess of 25 years, and relatively high income yield with guaranteed fixed rental increases. Rockspring was advised by GVA Grimley and Rapleys acted for AXA.
Also on behalf of the CPF, Rockspring has acquired a prime retail asset in Cardiff on Queen Street from LaSalle Investment Management for £3.3m – a 5.8% yield.
The total shop unit comprises 3,687 sq ft with 1,604 sq ft of ground floor sales, and is let to Telefonica UK. Rockspring was advised by Jackson Criss and Savills acted for the vendor.
In Swindon, Rockspring TransEuropean IV, advised by Caisson Investment Management, has bought the freehold interest in Ash & Birch Industrial Estate, from Prupim for £7.2m.
The 169,000 sq ft development comprises 42 separate industrial and distribution properties and tenants include Geodis Wislsonm Cleve Technology, Swindon College, Premier Watercoolers and AGI Media.