SOUTH KOREA/EUROPE - The National Pension Service of Korea has hired Rockspring Property Investment Managers to invest $400m in commercial property across Europe.
The discretionary mandate will form the NPS European Real Estate Value fund and, including debt, will invest in up to $1bn worth of property, Rosckspring said. The fund will mainly target retail and office space, with a smaller focus on the industrial sector, the manager said, and will target returns of over 10%.
Robert Gilchrist, chief executive of Rockspring, said: "Over the last three years we have created a strong relationship with NPS as it has been expanding its exposure to the European commercial property sector. We are delighted in the faith NPS has shown in us in offering us this new mandate."
NPS invested in the Rockspring TransEuropean IV fund in 2007 and in 2009, hired the firm to manage the NPS Central London Property Partnership, which invests in trophy assets in London and Continental Europe.
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