SEOUL-The National Pension Service of Korea has hired Rockspring Property Investment Managers LLP, based in London, to handle investment of up to $1 billion. Rockspring won the discretionary core plus mandate to invest $400 million of equity across continental Europe and the UK.
The NPS European Real Estate Value Fund will have significant exposure to retail and office assets, with a smaller focus on the industrial sector, according to Rockspring. The fund will focus on cash flow generation, capital preservation and active asset management, the company said.
Rockspring has worked with the pension fund for three years, and was asked last year to manage the NPS Central London Property Partnership for the acquisition of trophy assets in the city. Acquisitions in this fund include Grosvenor Place for $111 million and 88 Wood St. for $238 million. This fund was expanded to include other assets in the UK, with O’Parinor Shopping Center purchased for $290 million in August.
The pension fund has invested heavily in European property over the past year to diversify its asset portfolio, said Ryan Gilchrist, CEO of Rockspring, in a statement. “We already have a good pipeline of deals for the (new) fund, and hope to announce our first acquisition shortly,” he said.
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