Newcore Capital Management, which seeks to invest an £80m (€91.6m) in the education sector, has bought £25m worth of children’s nurseries in London.
The social infrastructure investment manager said it acquired the properties – located in Streatham, Brixton, West Norwood, Bromley, Orpington and Twickenham – from a variety of private and public sector vendors for its Newcore Strategic Situations IV fund.
Hugo Llewelyn, managing director of Newcore, said: “Asset-backed investments and property linked to education are key targets for Newcore. We are keen to acquire children’s nurseries as well as assets through the primary, secondary and tertiary system.
“We like to buy vacant or short-leased assets with a view to refurbishment or redevelopment in good towns in London and the south-east. We will also buy asset-backed operating businesses.
”Our aim is to invest a further £80m in the sector in the next 12-18 months”.
The manager’s Newcore Strategic Situations IV, a value-add UK social infrastructure, storage and accommodation fund, raised £150m at the final close in September last year.
The fund will aim to deliver an annual 14-16% net internal rate of return to investors.