Social infrastructure real estate investment manager Newcore Capital has acquired 15 assets in the primary healthcare sector for approximately £50m.
Twelve of the assets were purchased from a major UK REIT in a £25m portfolio transaction. The properties, which offer 145,184 sq ft in total, are geographically weighted towards Greater London and the South East and are let on long term leases to 31 different occupiers.
Newcore intends to deploy approximately £100m of equity into primary healthcare facilities over the next 18 months across its value-add and core-plus strategies.
Harry Savory, chief investment officer 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.”
Newcore was advised by Avison Young and DWF.
