Newcore Capital Management has acquired €22.6m (£20m) of assets in the south of England and the Midlands for Newcore Strategic Situations IV LP, a new €113m (£100m) value-add fund for institutional and family office investors. The company has made five investments in Virginia Water, Warwick, Streatham, Croydon and Oxford in its target sectors of social infrastructure, storage and accommodation.
The largest of the five acquisitions is a €6.8m (£6m) purchase from a private vendor of Kitsmead Recycling Centre in Virginia Water. The asset comprises 21 acres of waste management and open storage uses, let to a variety of companies, including Agrivert, which is owned by Severn Trent Green Power, and Morris Leslie Plant Hire, which uses its two acres for the storage of motorway repair plant.
In Warwick, Newcore has acquired a vacant 29,000ft² storage facility on a two-acre site on Harris Road in the Wedgnock Road Industrial Estate, close to the A46. Newcore will refurbish the facility and lease it to a single occupier.
In Streatham, Newcore has acquired a children’s day nursery and medical centre investment at Blegborough Road. The 8,500ft² building is let to NHS Property Services and Bright Horizons with three years unexpired.
In Croydon, Newcore has acquired a one-acre open storage site on Beddington Farm Road, the town’s main industrial area and will lease it to Arriva on a new 15-year lease, subject to obtaining planning consent for use as a bus storage depot.
In Oxford, Newcore has exchanged contracts to purchase a 31,000ft² automotive showroom and workshop on a 1.4-acre site in Cumnor Hill. The property is being acquired with vacant possession and Newcore has agreed a new 15-year lease to Waylands Volvo, which will commence on completion of the acquisition.
Hugo Llewelyn, Managing Director of Newcore, said: “All five investments provide excellent scope for our value-add strategy, which we believe should generate attractive returns for our investors”.
