Newcore adds four sites for £20m

Social infrastructure specialist Newcore Capital has bought four properties for around £20m. The deals, which include an office block in Thames Ditton and petrol stations in Southampton, will form part of its fifth value-add fund and core-plus strategies, after it raised £190m in May. Newcore manages the funds on behalf two UK family offices. The Thames Ditton office building, bought for £10m, has potential for a retirement conversion, while the two Southampton petrol stations have EV charging potential. The fourth deal was for a special educational needs school in Reading, bought for around £2.5m. The latest acquisitions come after Newcore spent £25m in July on acquisitions across Greater London and surrounding commuter towns. Newcore typically acquires assets of between £2m and £20m in the South East. Chief executive Hugo Llewelyn said: “These acquisitions represent a continuation of our long-standing investment approach; investing in assets that serve essential societal needs and are thus resilient to the cyclical nature of capital markets, major economic shocks, and the deflationary effects of technological innovation.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews