- Newcore Capital Management is a UK social infrastructure real estate investment manager with £350m of assets under management;
- The capital from OakNorth Bank will support the growth of Newcore Strategic Situations Fund V, Newcore’s value add social infrastructure fund;
- Social infrastructure real estate is integral to the functioning of society and supports the quality of life and wellbeing of communities. Social infrastructure property types include education, accommodation, life sciences, transport, waste management and storage;
- As a certified B-Corporation, Newcore has demonstrated that it meets high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided Newcore Capital Management, a UK social infrastructure real estate investment manager, with a £40M facility to support the growth of its fifth value add social infrastructure fund.
With £350m of assets under management, Newcore focuses on investing in assets that deliver essential services to society, but require repositioning, modernising or refurbishment to bring them up to institutional and future-proof quality. These include: education, accommodation, life sciences, transport, waste management and storage – sectors which benefit from limited supply, strong demand and offer resilience to technology-driven change. Newcore manages capital on behalf of institutions, UK Local Government Pension Schemes, family offices, and high net worth individuals, through funds and separate accounts. The business became a Certified B-Corporation in 2020 and is the first dedicated UK real estate investment manager to become one.
Neil Sarkhel, Chief Operating Officer of Newcore, said: “Assets linked to social infrastructure are often considered “alternative” by mainstream institutional investors, but this transaction demonstrates the appetite from lenders for the core product that we create. It was great to see that our pursuit of purpose as well as profit, demonstrated by our B-Corporation certification was a positive factor in the discussions we had with OakNorth. The OakNorth team were quick, reliable, and transparent – it was a very positive experience, and we look forward to continuing to build on the relationship in the future.”
Damien Hughes, Senior Director of Property Finance at OakNorth Bank, continued: “Newcore has successfully executed its value-add strategy for the last decade across four funds, so we’re delighted to be supporting the growth of its fifth. Newcore has voluntarily chosen to shadow Article 9 under the EU Sustainable Finance Disclosure Regulation, so this fund will deliver additional and much-needed essential services real estate to the UK market, while mitigating carbon dioxide emissions and utilities waste. As a certified B-Corporation, Newcore is leading by example and demonstrating that it is possible to operate sustainably in this sector.”
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £7.5B, directly helping with the creation of 31,600 new jobs and 22,300 new homes across the UK.
- Raised deposits from c.160,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
About Newcore Capital Management
Newcore Capital Management is an independent, management-owned, UK social infrastructure investment management business. Newcore is certified as a B Corporation, joining a growing group of companies reinventing business by explicitly committing to pursue purpose as well as profit. It was voted Property Fund Manager of the Year at the Property Awards 2021, assessed by an industry panel of its peers.
Led by CEO, Hugo Llewelyn, Newcore invests in UK assets that it believes are central to the continuing physical needs of society and are, therefore, likely to provide attractive risk-adjusted returns over the medium to long term. These “new core” asset classes are linked to education, healthcare, waste management, transport, life sciences, food security and the like. Newcore manages capital on behalf of institutional, pension fund and private clients through funds and segregated accounts.
Additionally, through its value-add fund series, Newcore seeks to deliver, measure and report significant positive social impact, while mitigating its carbon dioxide emissions and utilities waste. Newcore has voluntarily elected to shadow Article 9 a “dark-green” impact fund under the EU SFDR regulations with its most recent fund, NSS V LP.
Visit www.newcorecapital.com/ for more information.
Press contact
Valentina Kristensen, Director – Growth & Communications – [email protected] / [email protected] / +44 757 234 9009