Belgian developer Immobel Capital Group’s new investment management arm has bought 50% of White Rose Park in Leeds from Orion Capital Managers’ OIRP Investment 10.
The deal values the office campus at around £110m, representing a 6.75% net initial yield. It will be held in a joint venture with asset manager Munroe K, which is led by founder David Aspin.
The park has a lettable area of more than 500,000 sq ft across nine buildings. It is around 98% let to organisations including: DAZN, HSBC, Capita, Telefonica and education and government tenants including the Gorse Academies Trust, the NHS and the Police & Crime Commissioner for West Yorkshire.
The acquisition marks Immobel Capital Partners’ first investment. The business seeks to create a “new generation” of green offices in leading European cities, and will aim for the park to be fully operationally carbon-neutral by 2030. It will also focus on residential.
Immobel pointed to significant occupational demand for offices in Leeds.
Duncan Owen, chief executive at Immobel Capital Partners, said: “The acquisition of White Rose clearly aligns with our strategy to stock pick assets which provide opportunities to unlock further value through improvements in their sustainability and social credentials.
“I have known and worked with David Aspin, CEO of Munroe K, on various projects for over 20 years. Our plan for White Rose Park will see us continuing to evolve the business park in partnership with the Munroe K team into a knowledge and talent-based campus with a focus on delivering tangible ESG improvement.”
Savills advised Immobel; CBRE acted for Orion.
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