Korol has kickstarted a £150m UK office investment strategy with the acquisition of Mansel Court in Wimbledon from The Carbon Neutral Real Estate Fund – a joint venture between Columbia Threadneedle, Stanhope and The Carbon Trust.
The 23,000 sq ft low carbon building was built in 2013 and is currently let to ProAmPac, Precisely and Statpro. Statpro is vacating its space at the end of the year, which will give Korol the opportunity to enhance and reposition the space as well as carry out building wide improvements.
Alex Jordan, founding partner of Korol, said: ‘’Mansel Court was a market leading redevelopment that was ahead of its time offering 50% better energy efficiency and good amenities. As technology and sustainability initiatives have evolved and improved, we feel there is an opportunity to take the building to the next level by targeting net zero carbon.
“We are looking to work with our professional team to further reduce emissions through the use of air source heat pumps and PV panels as well as undertaking other enhancements including remodelling the reception with recycled materials to offer a best-in-class office environment for the existing and new tenants.”
Hiwad Shakaib, founding partner of Korol, added, “The flight to quality has been demonstrated by numerous occupiers placing a greater focus on sustainable workplaces with best-in-class amenities. With this in mind, we believe Mansel Court will meet these needs and stand out from the crowd following the improvements we are looking to implement.
“We see the office sector as an exciting space to be investing in, where its ‘hotelification’ has been underway for some time, accelerated by the pandemic. With the advantage of being equity funded we can act decisively and invest capital to transform tired buildings into spaces which meet the evolving needs of occupiers, while also delivering for investors. These parties are both seeking the flight to quality following significant turmoil and change in the last two years.’’
As part of its new £150m UK office investment strategy, Korol is looking to reposition older, energy-inefficient office buildings into Grade A spaces. The company said it will look to partner with investors to explore projects by way of co-investment and joint ventures.
Korol was represented by Somerford Real Estate on the transaction. Columbia Threadneedle was represented by JLL.
