Newcore Capital begins £100m investment in UK primary health facilities

  • 27th February 2024


The acquisition of the 7,696sq ft primary health facility in Headcorn marks the first step of the infrastructure fund manager’s two-year investment plan for clinical healthcare assets beyond its existing renal dialysis, pathology, and medical research properties.

The company said it intends to commit around £100m of equity to clinical healthcare on behalf of its value-add Newcore Strategic Situations V (NSS V) fund and for its recently-launched core-plus vehicle, Newcore Social Infrastructure Income Fund, previously named the Newcore Sustainable Income Trust.

Harry Savory, chief investment officer at Newcore Capital, said: “Our purchase of Headcorn surgery reflects the strong, demographically-underpinned demand for primary healthcare facilities in the South East.

”The asset benefits from strong environmental credentials and from its close proximity to Headcorn station, and these factors, combined with its purpose-built nature and consented expansion, will provide further protection against obsolescence.”

Hugo Llewelyn, chief executive, adds: “Clinical healthcare has always been an area of focus for us, but the opportunity to invest in GP surgeries, particularly those where we can work with doctors to futureproof their assets in line with the NHS 2040 net zero commitment, is exciting.

“There is perhaps an unusual window of opportunity for buying as traditional healthcare REITs are generally on the sidelines, being constrained by higher interest rates and continued share price-to-NAV discounts.”

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