London-based Newcore Capital Management, a independently owned, real estate investment manager, has purchased three assets in South London cities, for £9 million ($11 million).
The firm is looking to boost its investments in the social infrastructure, storage and accommodation sectors with the new acquisitions.
The purchases were made for its Newcore Strategic Situations IV fund, a value-add opportunistic fund that invests in land, multifamily, retail and self-storage assets in Europe. Launched in 2018, the fund has raised £65 million ($81 million) to date and expects to see a second close at the end of the third quarter in 2019.
Newcore purchased a 19,069-square-foot Mazda car showroom set on a prime one-acre site in Imperial Way in Croyden. The property is let to Drift Bridge Garage for 5.6 years years. This purchase marks the largest of the three acquisitions.
The firm also acquired a 1.31-acre site at Otterbourne in Winchester, which has been approved for a care-home development. Newcore is working with its current occupier base to design the right scheme for future development and occupation, according to Newcore.
Finally, in Brixton, Newcore acquired a former adult day center for individuals with learning difficulties on Tulse Hill.
“These three investments provide excellent scope for our value-add strategy, which we believe should generate attractive returns for our investors,” said Hugo Llewelyn, managing director of Newcore.
Newcore has roughly £210 million ($262 million) of assets under management.