Newcore Capital, a U.K.-focused social infrastructure real estate investment manager, has acquired the South Mimms motorway service area (MSA), which houses the United Kingdom’s largest EV hub.
Specifically, Newcore purchased the investment long leasehold interest in the Welcome Break MSA at South Mimms. The 11-acre MSA occupies a key strategic location at the junction between M25 (J23) and A1 (M), which sees more than 200,000 daily movements. The site features 70,000 square feet across the amenity building, restaurants and hotel, and the property is leased to Welcome Break until 2036.
Although financial terms were not disclosed, the asset was acquired for Newcore’s latest value-add fund, Newcore Strategic Situations V (NSS V), which closed in May 2023 with £190 million ($249 million) in equity commitments. Notable institutional investors in the fund include the Merseyside, Clwyd and West Midlands local government pension schemes. Newcore said NSS V remains active