Immobel Capital Partners, the investment management business of Belgium's Immobel Group, has signed a sale and purchase agreement to acquire 50% of the White Rose Park in Leeds, UK, from OIRP Investment 10, part of Orion Capital Managers.
The investment values the park at circa £110 mln (€133 mln), representing a net initial yield of 6.75% and will be held in joint venture with Munroe K.
The off market transaction is the first investment for the newly launched Immobel Capital Partners, representing its first seed asset.
White Rose Park is a 28 acre (11 ha) green office campus providing a lettable area of over 500,000 ft2 (46,500 m2) across nine buildings.
It is currently circa 98% let to a range of blue chip organisations including; DAZN, the sports media giant, HSBC, Capita, Telefonica and education and government tenants including the Gorse Academies Trust, the NHS and the Police & Crime Commisioner for West Yorkshire.
In addition to 20 acres (8 ha) of open space, the park includes a conference centre, outdoor sports pitch, restaurants and a nursery. It is located close to the White Rose Shopping centre and will shortly benefit from a train station.
Immobel's green office strategy is set to see it invest in and create a new generation of green offices in leading European cities. Launched in January 2022, Immobel Capital Partners focuses on creating investment strategies in the office and residential sectors.
At White Rose Park, Immobel Capital Partners will work closely with Munroe K led by David Aspin who has been responsible for the evolution of the park and its high quality ESG credentials.
Immobel Capital Partners was represented by Savills and Orion Capital Managers was represented by CBRE.
