Immobel Capital Partners is buying a 50% stake in a UK office campus from OIRP Investment 10.
The investment management business of Immobel Group said it has agreed to buy half of the White Rose Park office campus situated just outside of the City of Leeds.
The investment values the park at £110m (€128m) and will be held in joint Venture with Munroe K.
Immobel Capital Partners was launched in January this year with a focus on creating investment strategies in the office and residential sectors.
The White Rose Park deal is the first investment for Immobel Capital Partners and will be the first seed asset for its European green office strategy.
White Rose Park is a 28-acre office campus providing a lettable area of over 500,000sqft across 9 buildings. It is currently circa 98% let.
Duncan Owen, CEO Immobel Capital Partners, said the acquisition of White Rose clearly aligns with the firm’s 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.
”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,” Owen said.
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