Newcore Capital Management has completed the €44.9m (£40m) investment programme for its Newcore Strategic Situations III LP value-add fund.
Newcore has acquired the final two investments for the fund for a total capital commitment of around €5.6m (£5m). It has purchased the operational business and property at the Winterbrook Nursing Home in Wallingford, Oxfordshire, from a private seller; and a specialist healthcare facility in East Grinstead, West Sussex, in a sale and short-term leaseback with the NHS. The facility has been pre-let to Busy Bees Nurseries, the UK's largest childcare provider.
The acquisition of Winterbrook Nursing Home gives the fund €11.2m (£10m) of care home investments in Oxfordshire with 120 beds. These care homes are managed for Newcore by PH Care Management. The acquisition of East Grinstead represents Newcore’s fifth project with Busy Bees and takes its nursery school development programme beyond 500 childcare places within the last two years.
Hugo Llewelyn, Managing Director of Newcore, said: “The two final deals for NSS III reflect our specialist value-add approach: freehold assets in strong south-east towns with opportunities for value creation, by strengthening the income profile through planning, refurbishment and leasing”.