Newcore Capital Management has acquired €28.6m (£25m) of children’s nurseries in London as part of a €91.6m (£80m) investment push in the education sector. The properties, which have been acquired from a variety of private and public sector vendors for Newcore Strategic Situations IV LP, a new c.€172m (£150m) value-add fund for institutional and family office investors, are located in Streatham, Brixton, West Norwood, Bromley, Orpington and Twickenham.
Some of the properties are already children’s nurseries and some will be refurbished and converted into nurseries. They are either let or pre-let to leading children’s nursery operators Busy Bees, Bright Horizons, N Family Club and Monkey Puzzle, which are all existing operating partners of Newcore.
Newcore has now refurbished and delivered more than 1,000 childcare places in the capital and south-east in the last three years.
Hugo Llewelyn, managing director of Newcore, said: “Asset-backed investments and property linked to education are key targets for Newcore. We are keen to acquire children’s nurseries as well as assets through the primary, secondary and tertiary system. We like to buy vacant or short-leased assets with a view to refurbishment or redevelopment in good towns in London and the south-east. We will also buy asset-backed operating businesses. Our aim is to invest a further €91.6m (£80m) in the sector in the next 12-18 months”.
