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Newcore is pleased to announce the appointment of Charles Weeks as senior advisor.

Newcore is pleased to announce the appointment of Charles Weeks as senior advisor.
  • Former European and APAC real estate head at Barings to advise social infrastructure real estate specialist
  • Charles Weeks will support Newcore Capital’s senior leadership in growing the manager’s investor base and partnerships
  • Newcore is currently fundraising for The Newcore Social Infrastructure Fund, a core-plus vehicle targeting £375m in equity commitments

Newcore Capital, a UK-focussed real estate investment manager specialising in social infrastructure, has appointed Charles Weeks, previously Head of Real Estate for Europe and APAC at Barings, as a Senior Advisor.

Weeks will be advising Hugo Llewelyn, CEO, and the senior Newcore Capital team, on the further development and expansion of the Newcore business, with a focus on expanding the manager’s investor base and partnerships.

Weeks, who retired earlier this year, and Hugo Llewelyn, CEO of Newcore Capital, co-founded Protego Real Estate Investors in 2004. Together they successfully established and built the UK and European investment management business, which was acquired by Barings (then Cornerstone) in 2010. Weeks remained at Barings to continue to lead the growth of the Barings real estate enterprise in Europe, and later into APAC, while Llewelyn departed to start Newcore Capital.   

Charles Weeks, Senior Advisor: “It’s exciting to be reunited with Hugo and be working with his senior team in supporting the further development and growth of Newcore Capital. Newcore has already established a strong reputation in the real estate industry, thanks to their unique investment focus and emphasis on sustainability – environmental, social and financial – as well as the solid investment returns they have delivered for their institutional clients, despite the challenging market conditions we have seen witnessed in recent times”.

Newcore Capital is a specialist Alternatives Manager, focused on social infrastructure real estate. A typical investment would be an asset leased to service providers in the Education and Healthcare sectors. It is a Certified B Corp business and was recently rated the highest scoring real assets fund manager in the movement globally.

Newcore adopts a place-based investment strategy of turning disused or inefficient assets into real estate that serves socially productive uses with benefit to local environments. Target social infrastructure sub-sectors include clinical healthcare, education and childcare, storage, waste management, and transport.

In late 2023, Newcore announced the launch of a new core-plus investment vehicle, named The Newcore Social Infrastructure Income Fund, which is targeting £375m in equity commitments. The vehicle – the firm’s largest fund yet – aims to capitalise the strong underlying demand fundamentals for social infrastructure real estate at a time of market dislocation, while its size is indicative of Newcore’s belief in the positive investment outlook for the sector.

Newcore also manages a value-add fund series, Newcore Strategic Situations (NSS), and last year closed the latest vehicle, NSS V, with £190m of equity.

The manager is led by CEO Hugo Llewelyn, COO Neil Sarkhel, CIO Harry Savory and Chairman Professor Andrew Baum.

Hugo Llewelyn, CEO of Newcore Capital: “Charles will play a pivotal role in our mission to achieve sustainable growth for our business in the decade ahead. Charles brings a wealth of experience from running the Barings European and APAC businesses; and is well-respected in the real estate investment industry. These attributes will help us to build on the success of the business to date as we seek to consolidate our market leading position in real estate investment providing essential services to society.”

i3 x Newcore Capital – Breaking the ice: After last year’s cooldown in infrastructure fundraising and deal flow, there are signs the market is thawing

i3 x Newcore Capital – Breaking the ice: After last year’s cooldown in infrastructure fundraising and deal flow, there are signs the market is thawing

i3 x Newcore Capital

Our CEO, Hugo Llewelyn recently contributed to Kali Persall’s article “Breaking the ice: After last year’s cooldown in infrastructure fundraising and deal flow, there are signs the market is thawing”, helping to shed light on the infrastructure fundraising environment.

In May 2023, Newcore announced a £190 million ($240 million) final close for its fifth U.K. social infrastructure real estate fund, Newcore Strategic Situations V and is on course for a first institutional close for its flagship core-plus vehicle, the Newcore Social Infrastructure Income Fund, in the next 3-6 months.

Read more here: Breaking the ice: After last year’s cooldown in infrastructure fundraising and deal flow, there are signs the market is thawing | Institutional Real Estate, Inc. (irei.com)

Newcore shortlisted for the 2024 Property Week Awards

Newcore shortlisted for the 2024 Property Week Awards

We are proud to be shortlisted for the Property Fund Manager of the year award at the 2024 Property Week Awards.

We look forward to the results in July.

Pensions for Purpose x Newcore Capital – Move on from business as usual. This way forward! For B Corp Month 2024.

Pensions for Purpose x Newcore Capital – Move on from business as usual. This way forward! For B Corp Month 2024.

Charlotte O’Leary, Pensions for Purpose CEO, and Kate Sandle, Newcore’s Director of Sustainability, discuss why the investment industry is crucial in creating the future we need.

During the conversation they discuss the history of business, the need for systems change, the importance of being a better business, engaging investors and asset owners, and proposed future legislation that ensures all stakeholder interests are considered.

Watch the full video here.

Newcore completes £30m covered land play with East London acquisition

Newcore completes £30m covered land play with East London acquisition
  • Social infrastructure specialist Newcore Capital has acquired an existing supermarket investment in Bromley-by-Bow, East London, for £30m from British Land;
  • The property comprises a 70,000 sq ft Tesco supermarket, a 558-space car park over 5.6 acres, and a petrol filling station – with approximately 20% site cover;
  • Made on behalf of Newcore’s latest value-add fund, Newcore Strategic Situations V.

Newcore Capital, the UK social infrastructure real estate specialist, has acquired a 5.6-acre supermarket investment in Bromley-by-Bow, East London, from British Land for £30m.

The site, which sits within the London Borough of Tower Hamlets, currently comprises a 70,000 sq ft Tesco supermarket, a 558-space car park, and a petrol filling station.

Morgan Williams and Osborne Clarke acted for British Land on the transaction. Savills and DWF acted for Newcore.

The asset was purchased on behalf of Newcore’s latest value-add vehicle, Newcore Strategic Situations (NSS V), as there is medium term scope to unlock value from the site due to its strategic location in a key regeneration area in East London, while benefitting in the shorter term from the income generated by the existing occupier.

NSS V reached a final close at £190m of equity commitments in May last year and is still in the investment phase. Recent acquisitions include an NHS-backed GP surgery in Kent, two education investments in Oxford and Cambridge, and a food distribution centre in Colchester.

Harry Savory, CIO, Newcore Capital, said: “We are pleased to have purchased the Tesco Bromley-by-Bow and we are actively on the hunt for further covered land plays in strategic locations where there is a medium-term opportunity to enhance value through increased provision of social infrastructure uses – this is a key criteria  for us, alongside the potential for strong risk-adjusted returns”.

In late 2023, Newcore announced the launch of a new core-plus investment vehicle, named The Newcore Social Infrastructure Income Fund, which is targeting £375m in equity commitments. The vehicle – the firm’s largest fund yet – aims to capitalise the strong underlying demand fundamentals for social infrastructure real estate at a time of market dislocation, while its size is indicative of Newcore’s belief in the positive investment outlook for the sector.

Hugo Llewelyn, CEO, Newcore Capital, said: “With the deflationary impact of the internet continuing to disrupt offices and retail, previously the mainstay of institutional investment in real estate, investors are increasingly looking for exposure to asset classes that demonstrate resilience to technological change. We see the broad spectrum of social infrastructure as presenting one route for institutional capital seeking sustainable income and capital value growth and the ability to deliver tangible positive impact.”

BE News x Newcore Capital – To B Corp or not to B Corp, that is the question

BE News x Newcore Capital – To B Corp or not to B Corp, that is the question

BE News x Newcore Capital

B Corp early adopter Newcore Capital has just successfully re-certified to become the highest scoring real estate and infrastructure investment manager globally. To mark B Corp Month, Newcore contributed to a recent BE News article along with other B Corp certified companies on how – and why – they sought certification.

Read more here: To B Corp or not to B Corp, that is the question | BE News

Newcore Capital becomes world’s highest scoring B Corp certified real asset fund manager

Newcore Capital becomes world’s highest scoring B Corp certified real asset fund manager
  • Newcore has successfully re-certified as a B Corp with a score of 164.6, making it the highest scoring dedicated real estate and infrastructure investment manager.
  • The score makes the social infrastructure specialist the third highest scoring company in the UK, and the fourth highest scoring financial services business worldwide.
  • The firm has overseen a marked improvement in score from when it first gained certification at 112.6 in 2020.
  • Certified B Corporations are companies verified by B Lab to meet high standards of social and environmental performance, transparency, and accountability.

Newcore has successfully recertified as a B Corp with a score of 164.6 out of 200, making it the world’s highest scoring dedicated real asset fund manager. The score represents a 52-point increase from when Newcore first obtained certification at 112.6 in 2020.

The recertification also makes Newcore the third highest scoring company out of around 2000 UK-based B Corp businesses, and the fourth highest scoring financial services company worldwide.

The firm’s social and environmental performance improved in all five criteria on which B Corps are evaluated: governance, workers, community, environment, and customers.

B Corps are companies that have been independently verified by non-profit impact advisory firm B Lab to meet high standards of social and environmental performance, transparency, and accountability.

Firms must recertify for B Corp every three years to ensure that they maintain the standards required to be verified – a minimum score of 80 to be eligible for recertification – across their environmental and social performance.

Newcore adopts a place-based investment strategy of turning disused or inefficient assets into real estate that serves socially productive uses with benefit to local environments. Target social infrastructure sub-sectors for the firm include clinical healthcare, education and childcare, storage, waste management, and transport. The manager recently acquired its first GP surgery and plans to invest £100m in clinical healthcare over the next 2 years.

Kate Sandle, Director of Sustainability at Newcore Capital, said: “B Corp certification is – a notoriously rigorous and thorough process, so to  re-certified with such an improved score is a testament to the work Newcore has put in to creating social impact and meeting high environmental standards over the last three years.

We look forward to continuing to improve in the future and working with B Lab and the B Corp community to encourage businesses to operate for the benefit of their broader stakeholders”

At the end of 2023 Newcore launched its latest core plus vehicle, the Newcore Social Infrastructure Income Fund (NSIIF), previously The Newcore Sustainable Income Trust, which is targeting a £350m equity raise. This followed a £190m final close for the latest vehicle in Newcore’s flagship value-add fund series, Newcore Strategic Situations V (NSS V). The manager’s B Corp status played a key role in the successful fundraise.

Hugo Llewelyn, CEO of Newcore Capital, said: “This is a very proud moment for Newcore. The business was conceived in 2011 with the conviction that there was a need for capital to be managed more responsibly and sustainably than the short-termist pre-2009 model. The team and I have worked very hard to ensure this principle has been integrated across all our operations.

“Social infrastructure makes a tangible, real difference to people’s everyday lives. Because of this, we believe it is particularly important for businesses working within the space to maintain high standards in relation to the environmental and social impact produced by their investments, and the score verifies that we have put this belief into practice.”

PropertyEU x Newcore Capital – The sky’s the limit

PropertyEU x Newcore Capital – The sky’s the limit

PropertyEU March/April issue x Newcore Capital

“In a world where office and retail real estate have become risky investments, could it be time to invest in rocket launch pads, onshore fish farms and coffin workshops?”

Our CEO, Hugo Llewelyn was delighted to contribute to Isobel Lee’s recent piece for PropertyEU’s March/April issue.

Read the article below to learn how Newcore is looking to redefine core real estate and why Hugo believes ‘alternative real estate’ is perhaps not so ‘alternative’ anymore…  

Download the article here.

CityWealth x Newcore Capital – Is the sun setting on ESG investing?

CityWealth x Newcore Capital – Is the sun setting on ESG investing?

CityWealth x Newcore Capital – February 2024

“It has never been possible to separate the planks of E, S and G from a long term sustainable investment strategy”

Read how our CEO, Hugo Llewelyn recently explained how ESG has always been central to Newcore in CityWealth’s article challenging the future of ESG. 

 “to make a sensible economic return for investors, it has always been critical to have regard to their usefulness to society (S) and the capacity of the buildings to function efficiently from an environmental perspective (E) (or be able to be fixed economically to do so). In addition having on-shore UK operations, a strong ethos around tax and limited financial leverage (G) – all these have been the factors that have allowed us to do well and grow as a fund management business through some tricky market events (Brexit, Covid, QE unwinding).”

Download the article here.

Newcore shortlisted for the 2024 Pension Age Awards

Newcore shortlisted for the 2024 Pension Age Awards

We are proud to be shortlisted for the Property Manager of the year award at the 2024 Pension Age Awards.