Newcore picks up €32m of assets for new Article 9 UK social infrastructure fund

Newcore has bought three educational properties in Surbiton, Blackheath and Sidcup, all in Greater London, and a life sciences facility in Bristol for a total of £27 mln.

In Surbiton, Newcore has acquired Woodstock House, a 50,000 sq ft (4,645 m2) special educational needs (SEN) setting in eight acres, for children and young adults with autism, learning difficulties and complex needs. The property was acquired vacant from its former owner occupier, Kisimul, and is now being leased for continuing SEN use.

In Blackheath, Newcore has acquired from Royal Mail Group a 15,000 sq ft former delivery office next to Blackheath railway station, part of which will be let to a childcare provider and part planned for residential development.

In Sidcup, Newcore has acquired Benedict House Preparatory School, which consists of multiple buildings on a 1.3-acre site at 1-5 Victoria Road, from Bexley Council. The school has been let to Chatsworth Schools, the independent schools group.

In Bristol, Newcore has acquired Oakfield House on Oakfield Grove in Clifton, Bristol, from a private syndicate. The 33,500 sq ft building, which comprises life sciences laboratory and office space, is let to the University of Bristol for the Bristol Medical School.

Newcore was advised in the transactions by Hartnell Taylor Cook, Knight Frank and Savills.

Harry Savory, chief investment officer of Newcore, said: ‘These initial four investments provide excellent scope for our value-add strategy, which we believe should generate attractive returns for our investors while delivering sustainable, long-term occupational solutions to a range of existing and new operators with whom we work in our social infrastructure sectors. We are actively in the market to invest in further assets with similar strategies to these.’

Newcore announced the soft first close of Newcore Strategic Situations V (NSS V LP) two weeks ago, with an initial £60 mln of investment firepower.