UK-focused social infrastructure real estate investment manager Newcore Capital has invested £50m (€60m) to acquire 15 assets in the primary healthcare sector.
Newcore said 12 of the assets were acquired in a £25m portfolio deal from a major UK real estate investment trust, which IPE Real Assets understands to be Assura.
The 15 assets are mainly located in Greater London and the Southeast and are let out on long-term leases to 31 different occupiers.
Newcore said it plans to deploy approximately £100m of equity into primary healthcare facilities over the next 18 months across both its value-add and core-plus strategies.
Harry Savory, CIO at Newcore Capital, said: “Primary healthcare represents the backbone of the UK’s healthcare system. Demand for facilities will only increase moving forward, with policymakers committed to making the NHS more accessible by improving the provision and quality of primary care as a community service.
“In a sector where growing demand is underpinned by demographic shifts and supply constrained by valuation practice, these acquisitions give us the opportunity to work with tenant partners to fund capital improvements and deliver positive societal and environmental outcomes. It is exciting to be working with the NHS on this journey.”
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