IMMOBEL: CAPITAL PARTNERS ACQUIRES THE LEEDS OFFICE CAMPUS AS THE FIRST ASSET FOR ITS GREEN OFFICE STRATEGY

PRESS RELEASE

08/03/2022

Unregulated information

Brussels, March 8, 2022 at 08:00 CET

IMMOBEL CAPITAL PARTNERS ACQUIRES LEEDS OFFICE CAMPUS AS A FIRST ASSET FOR ITS GREEN OFFICE STRATEGY

Immobel Capital Partners, the investment management activity of the Immobel Group, the largest listed property developer in Belgium, announces the signing of a sale and purchase agreement1 to acquire 50% of White Rose Park from OIRP Investment 10, part of Orion Capital Managers. White Rose is a green office campus located just outside the city of Leeds. The investment values ​​the park at approximately £110m, representing a net initial yield of c. 6.75% and will be held in joint venture with Munroe K.

The off-market transaction is the first investment for newly launched Immobel Capital Partners and will be the first seed asset forming a key part of its green office strategy. This strategy will allow it to invest and create a new generation of green offices in the main European cities which have a clear demand for a new generation of workplaces and which should generate above-average growth as they benefit from more broad factors such as urbanization, demographic change and continuous technological change.

1 Under suspensive conditions. The closure is scheduled before April 30, 2022.

White Rose Park is a 28-acre (11 ha) green office campus offering over 500,000 square feet of leasable space across 9 buildings. It is currently approximately 98% leased to a range of blue chip organizations including; DAZN, the sports media giant, HSBC, Capita, Telefonica and education and government tenants including the Gorse Academies Trust, the NHS and the West Yorkshire Police & Crime Commisioner. In addition to 20 acres (8 ha) of open space at White Rose, it also provides a strong commercial and lifestyle offering for the approximately 5,500 people who work at the park, providing a conference centre, sports field outdoors, restaurants and a nursery. . Located a two-minute walk from the White Rose shopping center and a short bus or bike ride from Leeds city centre, the park will soon benefit from a new train station which will connect it to central Leeds in around four minutes as well as to the surrounding suburbs. There is significant professional demand identified in Leeds for office space such as White Rose Park which meets modern and post-pandemic requirements and supply is low. 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.

The economy of Leeds is one of the fastest growing cities in the UK and is part of the largest urban area in the UK outside London with over 119,000 businesses and many higher education institutions, which provides it with an estimated urban population of around 1.9 million.2 people and serving 3 million people in the region. The city’s economy has been growing strongly, having grown by 34% over the past 10 years and is expected to grow strongly over the next 10 years, driven by a strong TMT sector as well as finance and professional services. It is also the headquarters of the NHS, while other government organizations have also chosen it for their headquarters, such as the recently established UK Infrastructure Bank.

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

Launched in January 2022, Immobel Capital Partners will focus on creating investment strategies in the office and residential sectors where Immobel is already a market leader and will have a strong focus on urban centers that offer the opportunity to create a new generation sustainable and smart housing. living and working environments close to central business districts. The co-investment of Immobel’s balance sheet alongside third-party capital will ensure a clear alignment with investors. Value creation will require rigorous selection of assets benefiting from long-term structural strengths and less dependent on the economic cycle.

Duncan Owen, CEO of Immobel Capital Partners, said: “The acquisition of White Rose clearly aligns with our strategy of selecting assets which offer opportunities to unlock further value through improved 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 allow us to continue to evolve the business park in partnership with the Munroe K team towards knowledge and talent-basedcampus with a focus on tangible improvement in ESG. The flow

use of sustainable materials, extensive electric car charging stations, photovoltaic cells and 100% renewable energy on site

2 2020 Population Stat – World statistical data.

all contribute to the park’s positive ESG impact, meaning our goal for the park to be fully carbon neutral by 2030 is within reach.”

For more details:

Caroline Kerremans* | Corporate Communications Manager +32 2 422 53 37

caroline.kerremans@immobelgroup.com

* as a representative of Celeste CommV

About Immobel: The Immobel group is the largest listed property developer in Belgium. Founded in 1863, the Group creates high-quality, evolving urban environments that have a positive impact on lifestyles, work and leisure, and specializes in mixed real estate. With a market capitalization of more than 650 million euros and a portfolio of more than 1,600,000 m² of project development in 7 countries (Belgium, Grand Duchy of Luxembourg, Poland, France, Spain, Germany, United Kingdom) , Immobel occupies a leading position in the European real estate landscape market. The group aims for sustainability in urban development. In addition, it uses part of its profits to support good causes in the fields of health, culture and social inclusion. Around 200 people work at Immobel.

About Immobel Capital Partners: A subsidiary of the Immobel Group, Immobel Capital Partners is a value-added co-investing manager of real estate strategies specializing in the office and residential sectors. The investment philosophy of Immobel Capital Partners revolves around three central axes, supported by a solid real estate track record and expert skills:

  • Active search for winning cities.
  • Investments in assets with excellent ESG credentials or the possibility of obtaining excellent ESG credentials.
  • Co-investmentto align interest with investors.

For more information, visit www.immobelgroup.com

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