Off-market deal agreed at £110m office campus

Immobel Capital Partners, the investment management business of Immobel Group, is acquiring 50% of the White Rose Park from OIRP Investment 10, part of Orion Capital Managers.

The investment values the Leeds site at around £110m, and it will be held in Joint Venture with Munroe K. Immobel Capital Partners will work with Munroe K, led by David Aspin, who has been responsible for the evolution of the park.

The off-market transaction is the first investment for the newly launched Immobel Capital Partners.

It has a strategy to invest in and create a new generation of “green offices” in cities expected to deliver above–average growth as they benefit from wider trends such as urbanisation, changing demographics and ongoing technological evolution.

White Rose Park is a 28-acre office campus providing a lettable area of over 500,000 sq ft across nine buildings. It is currently about 98% let to a range of blue chip organisations.

Roughly 5,500 people work here, and have access to amenities such as a conference centre, outdoor sports pitch, restaurants and a nursery.

Duncan Owen, CEO 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.”

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