August 14, 2023
As part of its £150 million investment strategy to deliver best in class ESG future proofed offices across the UK, Korol has acquired Mansel Court in Wimbledon from The Carbon Neutral Real Estate Fund, a venture made up of Columbia Threadneedle, Stanhope and The Carbon Trust.
The 23,000 sq ft building is let to three tenants, having been developed in 2013 to be a leading low carbon office building. The tenants include ProAmPac, Precisely and Statpro, with the latter vacating at the end of the year. This will give Korol the opportunity to enhance and reposition these floors to provide exceptional office accommodation, as well as carry out building wide improvements.
Alex Jordan founding partner of Korol: ‘’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.’’
Korol directs a bespoke investor mandate to fund commercial property opportunities, seeking superior risk-adjusted returns via strategic repositioning of older, energy-inefficient office buildings into Grade A spaces. Korol will also look to partner with investors to explore projects by way of co-investment and joint ventures.
Korol was represented by Somerford Real Estate in the transaction while Columbia Threadneedle was represented by JLL.
