Rockspring Property Investment Managers LLP (Real Estate)

2017 Real Estate Top 100 ranking: 83

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Manager Details

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Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients – either directly for singleclient accounts or through the Group’s series of tax-efficient, commingled investment funds. Rockspring is authorised and regulated by the FCA.

Fully independent and 100% owned by its Senior Management and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Madrid, Paris and Warsaw as well as Client Services offices in Seoul, South Korea, and Sydney, Australia. Its Executive Committee includes Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner – Finance).

Established in 1984, by founder and Non-Executive Chairman, Richard Plummer, Rockspring has over 30 years’ experience as one of Europe’s leading property investment managers. As of June 2017 Rockspring had gross assets of €7.8bn in funds under management and undrawn commitments. It represents a diverse client base including Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean IV, V, and VI, Rockspring German Retail Box Fund and Rockspring UK Value 1 and 2. It also manages a number of single client mandates. Rockspring’s property assets are currently located in the UK and 11 other European countries.

Market overview

Investment activity in continental Europe remained strong, with the annual investment volume in line with the 2015-16 peak. The UK has seen a slowdown post-referendum, yet London remained the dominant European city. Property should remain attractive, thanks to a sizeable income premium over bonds. With supply still under control in most markets and a benign economic environment boosting business expansion across Continental Europe, rental growth prospects should continue to lure investors to property. With interest rates set to remain low, we expect a broadly stable evolution of property yields over the next five years.

Improved economic growth and job creation is supporting occupational demand across Europe. Coupled with a subdued outlook for new supply for most continental markets, we expect moderate, yet more widespread rental growth in 2017 for most prime office markets and key logistics hubs. With increasing competition and diversion to e-commerce, retail is seeing more market concentration and polarisation. Yet retail in capital cities continues to experience strong growth, led by major tourist hubs and cities where the high street is experiencing a structural change, and dominant shopping centers and retail parks should remain resilient. Given the above, asset management strategies, such as taking on vacancy, short term leases or light capex, have been paying off in the current cycle. We believe that asset management opportunities still exist but stock picking and local knowledge are likely to be more important going forward than three years ago.

Strategic corporate development Rockspring intends to continue with the core principles upon which the original business was founded in 1984 – the investment of institutional capital in commercial property assets located throughout the UK and continental Europe, combined with fully integrated, client-specific reporting and a personal commitment from Rockspring’s senior management to each client. At the centre of Rockspring’s corporate strategy for the future is a focus on its existing flagship funds, while allowing for the measured addition of new fund products as driven by property markets. Rockspring’s aim is that any investor, adviser or consultant will, of necessity, have to consider a Rockspring managed fund should they wish to invest in actively managed, performance orientated UK or continental European property.

Investment principles & strategy

Rockspring’s investment philosophy is founded on the principles of ‘Income and Income Growth’ investing. This largely embodies the following key investment principles:

Income-producing assets: strong focus on assets with higher relative income (or potential income) on a risk adjusted basis, and / or rental growth prospects.

Research aided, empirically supported investment strategies which combine ‘top down’ strategic ideas with ‘bottom up’ deal driven stock selection.

Preservation of capital: an essential blend of underwriting, buying the right locations, conservative expectations, and sustainable measures to minimise value volatility and risk, and to ensure exit pricing targets are met, when possible.

Managing for performance: real estate (in the right location) lends itself to active management to enhance income over the investment period.

Timely sales to capture growth: disciplined, judicious and well timed selling to optimise and preserve overall performance.

COMPLIANCE STATEMENT This information is provided for use by qualified institutional investors and their advisers only. Further information is available upon request. Rockspring Property Investment Managers LLP is authorised and regulated in the UK by the FCA. Registration number: OC331498. Registered address: 166 Sloane Street, London, SW1X 9QF

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Head Office
166 Sloane Street
United Kingdom
Kathryn Dixon Tel. +44 20 7761 3300
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