KOREA/UK - The National Pension Service of Korea (NPS), the fifth largest pension fund in the world, has appointed Rockspring Property Investment Managers to build up a property portfolio.
Rockspring said it is considering a number of possible acquisitions in the London market for the Rockspring-managed NPS Central London Property Limited Partnership and expects to finalise a range of transactions before the end of the year.
It said it is targeting major individual properties, which are typically prime landmark assets from the west end of London through to the city, benefiting from long leases with strong tenants in the office and retail arena.
It said individual lot sizes will tend to exceed £150m (US$248.3m) and could be acquired with or without debt, in order to allow acquisitions to be completed quickly.
Mike Pryer has been appointed as Fund Manager for the NPS partnership, reporting to chief executive and fund director Robert Gilchrist. Pryer will work alongside Hugh Elrington, head of UK transactions, in sourcing acquisitions for the fund as well as managing the assets.
Rockspring chief executive Robert Gilchrist said: "Given the level of equity available to the fund and its ability to be flexible on gearing for each transaction, we believe the fund will stand out as an attractive potential purchaser in a market that still has limited available of debt."
NPS is an existing client of Rockspring, investing in its Rockspring TransEuropean IV Fund, which has current reserves of around $200bn and a targeted fund size of $440bn by the end of 2012. The fund's strategy is to invest up to $3bn by acquiring real estate assets in London, New York, Tokyo and Sydney this year.
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