Immobel buys half share in £110m green office campus

Newly-launched Investment manager Immobel Capital Partners, part of Belgian listed property developer Immobel Group, has acquired a 50% stake of in the White Rose Park office campus outside UK city Leeds.

Immobel has acquired the interest from OIRP Investment 10, part of Orion Capital Managers for a sum that values the park at about £110 million. The deal represents a net initial yield of c. 6.75% and the stake will be held in a joint venture with London-based property manager Munroe K.

Immobel said the off-market transaction is the first investment for Immobel Capital Partners, launched in January 2022, and will be key to its Green Office Strategy.

White Rose Park is a 28 acre (11 ha) green office campus of nine buildings with a total lettable area of over 500,000 sq ft. It is currently 98% let to organisations including sports media giant DAZN, HSBC, Capita, Telefonica, Gorse Academies Trust, the NHS and the Police & Crime Commissioner for West Yorkshire.

Immobel Capital Partners was represented by Savills and Orion Capital Managers was represented by CBRE.

“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,” said Duncan Owen, CEO Immobel Capital Partners.

“The current use of sustainable materials, extensive electric car charging points, PV cells and 100% on site renewable energy all help the positive ESG impact of the park , meaning our goal for the Park to be fully operationally carbon neutral by 2030 is within our grasp.”