3 March 2021
Newcore Capital Management, the social infrastructure investment manager, has concluded £30 million of real estate transactions as part of its ongoing social infrastructure strategy.
Newcore has acquired nearly £16 million of employment land, early years education and self-storage properties and sold £14 million of development, strategic and agricultural land along with an office building.
The acquisitions were from a mix of private and public sector vendors for Newcore Strategic Situations IV LP, its £150 million value-add fund, and a core-plus £50 million UK family office segregated account managed by Newcore. They comprise:
The sales comprise:
The transactions follow a very active year for Newcore in the volatile market brought about by the pandemic. Since March 2020, Newcore Strategic Situations IV LP acquired 11 assets, of which six were off market and three completed within 10 business days; carried out 28 new lettings, lease renewals and lease regears, which generated an additional £2.5 million of annual rental income; and submitted seven planning applications, of which three have already obtained consent.
Harry Savory, chief investment officer of Newcore, said: “We are pleased with the progress of Newcore’s investment programme during 2020 and the performance of our existing portfolio through lockdown, which has been largely unaffected by issues facing other sectors, given the needs-based strategy. We are very much in the market during 2021 for similar asset purchases”.
FOR FURTHER INFORMATION:Neil Sarkhel
NOTES TO EDITORS:
Newcore Capital Management
Newcore Capital Management is an independent, management-owned, UK real estate investment management business. Led by CEO, Hugo Llewelyn, Newcore invests in UK assets that it believes are central to the continuing physical needs of society and are, therefore, likely to provide attractive risk-adjusted returns over the medium to long term. These “new core” asset classes are described as social infrastructure and linked to sectors such as education, healthcare, waste management, life sciences and roadside uses.
Newcore is a B Corporation, the first dedicated UK real estate investment manager to have become one, and manages around £250 million of capital on behalf of institutional, pension fund and private clients through funds and segregated accounts.