Social infrastructure fund manager Newcore Capital has acquired four UK assets for circa £20m.
In Thames Ditton, Newcore has bought an office building with retirement living conversion potential for circa £10m. It has also picked up two petrol stations with EV charging potential in Southampton and Three Bridges for circa £7.5m and a special educational needs school in Reading for circa £2.5m.
Hugo Llewelyn (pictured), CEO of 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.”
Harry Savory, chief investment officer at Newcore Capital, added: “This is an increasingly attractive environment to be actively acquiring, albeit one to be aware of assets with unsustainable dynamics. We have purchased these assets with a good degree of confidence in their potential returns, thanks to our deep-rooted networks within the social infrastructure sectors and regionally in Greater London and the South East of England.”
Earlier this year, Newcore raised £190m for its fifth value-add fund and core-plus strategies. Investors included the Merseyside and Clwyd local government pension schemes, a FTSE 100 pension fund, family offices and high-net-worth individuals.
