Newcore Capital, a UK-focused real estate investment manager specialising in social infrastructure, has acquired four assets for £20 mln (€23 mln), as the manager continues to invest the £190 mln raised in May for its fifth value-add fund and core-plus strategies.
The latest acquisitions come after Newcore spent £25 mln in July on acquisitions across Greater London and surrounding commuter towns.
The purchases include an office building with retirement conversion potential in Thames Ditton for £10 mln, two petrol stations with EV charging potential in Southampton and in Three Bridges for a total price of £7.5 mln, and a special educational needs school in Reading for £2.5 mln.
Hugo Llewelyn, CEO, Newcore Capital, said: 'These acquisitions represent a continuation of our longstanding investment approach; investing in assets that serve essential societal needs and are thus resilient to the cyclical nature of capital markets, major economic shocks, and the deflationary effects of technological innovation. Our sole focus on social infrastructure real estate combined with risk-averse capital stewardship has delivered consistently strong returns to our investors – an 11.4 % aggregate IRR since inception to June 2023, notwithstanding the overall falls in the wider capital markets.'
Earlier this year, Newcore raised £190m for its latest value-add fund. Investors included the Merseyside and Clwyd local government pension schemes, a FTSE 100 pension fund, family offices and high-net-worth individuals.
