EUROPE – Newcore Capital Management has won a £100m (€118m) highly specific London residential property mandate from a Swiss family office.
The alternative real estate manager said it was mandated to buy properties in central London classified as houses in multiple occupation, typically divided up into self-contained flats.
Newcore said it would focus its acquisitions on areas of the UK capital where there was potential for rental growth, as well as higher value alternative uses, such as converting property use to private residential.
The company said the Swiss-domiciled group was its third family office client.
Hugo Llewelyn, Newcore’s managing director, said more and more family offices were seeking to work with professional investment managers in property in the same way they did for equities and bonds.
Newcore said its strategy was to invest in alternative real estate assets, which it described as those society needed to function physically at a most basic level.
These diverse assets include social housing, healthcare and education infrastructure, energy-related storage and prisons, it said.