UK social infrastructure investment manager Newcore Capital has acquired seven assets in Greater London and neighbouring commuter towns for £25 million (€29 million) on behalf of its fifth fund.
The transaction follows the £190 million (€218 million) final close for Newcore Special Situations V (NSS V), which is backed by investors including Merseyside and Clwyd local government pension schemes, two European fund-of-funds managers, insurance and corporate pension schemes, family offices and high-net-worth individuals.
The assets purchased in Greater London include children’s nurseries in Whitton and Clapham, both occupied by Fennies Day Nurseries. The portfolio extends to towns surrounding London, including a school in Walton-on-Thames, Surrey, which Newcore has leased to Outcomes First Group, the UK’s largest independent provider of special educational needs.
The final children’s nursery, occupied by Monkey Puzzle Day Nurseries, is located in Beaconsfield, Buckinghamshire. Newcore also acquired two petrol filling stations with electrical vehicle charging potential in Crouch End and Streatham.
The investment manager also acquired its first mortuary in Surrey, operated by Dignity Funerals. It means that Newcore Capital has entered the funeral care sub-sector for the first time. It says this market segment is marked by a mismatch between supply and demand, driven by the UK’s ageing population and a limited land supply for the specialist use.
Source: realassets.ipe.com on the 12th of July 2023