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ESG

Newcore ESG Banner

Newcore believes that strong and transparent governance is critical to the sustainable management of funds and its management platform. The business became a Certified B-Corporation in 2020 and is the first dedicated UK real estate investment manager to become one. The B-Corporation is an ethical business movement which legally requires Newcore to balance the interests of all its stakeholders, creating a positive business culture. Additionally the business gives at least 10% of its profits to charity via the foundation that it has set up and actively fundraises for charity. Its 2020-2022 partner is the Aldridge Foundation.

Newcore is committed to addressing climate change. We minimise embodied carbon by, where possible, repurposing existing buildings and are steadily reducing C02 emissions on the road to net zero.

Newcore, as part of being a good corporate citizen, runs its funds onshore, under the UK HMRC tax regime (its funds are tax transparent at entity level). It is committed to paying all central and local government taxes levied on it and its funds; and to ensuring that it is policy compliant in planning applications as to affordable housing, educational and environmental levies made during the planning process. 

B Corporation 

In August 2020, Newcore became a certified B Corporation with a score of 112.6, joining a growing group of companies reinventing business by explicitly committing to pursue purpose as well as profit.

Newcore is one of a handful of fund managers globally and the only dedicated social infrastructure specialist in the UK to have been awarded this accreditation. Newcore has been certified by B Lab, the not-for-profit organisation behind the B Corp movement, as having met rigorous social and environmental standards which represent its commitment to goals ranking as more important than shareholder profit. 

The B Corp certification addresses the entirety of a business’s operations and covers five key impact areas of Governance, Workers, Community, Environment and Customers. The certification process is rigorous, with applicants required to exceed B Corp’s ESG (Environmental, Social and Corporate Governance) benchmark, while providing clear evidence of socially and environmentally responsible practices relating to energy supplies, waste and water use, worker compensation, diversity and corporate transparency. To complete the certification, the firm legally embedded this commitment to purpose beyond profit in its LLP deed and also commit to give, through its foundation, at least 10% of its profits each year to charities linked to the social infrastructure sectors in which it is involved, which include education, healthcare and environmental science.

Please click here to see Newcore's listing on the B Corporation website.

PlanetMark

Environmental impact

Newcore's fourth and fifth funds measure and report their CO2 (equivalent) emissions data to investors. The fifth fund is targeting a CO2 emission reduction in line with the Paris Climate Agreement. Projects to reduce emissions will then be identified and implemented, with the outcome reported to investors.

Newcore budgets 10% of surplus income in the Fund to future-proof assets and offset CO2 emissions that it is not able to mitigate. It is committed to NSS Fund V being carbon neutral by 2030. It considers that this will enhance the portfolio value at exit for the benefit of investors more than the cost of so doing.

NSS Fund V will report to GRESB in terms of ESG impact and Newcore is a signatory to the UN PRI.

 

Social impact

NSS Fund V will measure and report its social impact, in line with the Impact Management Project. Newcore expects to deliver significant positive social impact given its value-add strategy in adding to the pool of much needed social infrastructure in the UK.

Current projections are to deliver at least a further:

  • 1,500 childcare places
  • 250 SEN places
  • 250 retirement living units
  • 150,000 sq ft of Life Sciences
  • 2 new Waste to Energy facilities
  • In addition, Newcore has a detailed social impact plan at its own platform level, which can be found in its ESG Policy and Impact Report.

UNPRI Newcore