Development will be managed by Engage Management Services Ltd
March 18, 2019: Newcore Capital Management LLP, a real estate investment manager specializing in accommodation, social infrastructure and other assets in the United Kingdom, is entering the self-storage sector. The company manages capital in real estate on behalf of institutional, family office and private clients, through funds and separate accounts. Newcore is committing an initial ?10 million from its ?100 million Newcore Strategic Situations IV fund to amass a portfolio of freehold properties primarily in Southeast England. The company expects to invest a total of ?25 million during the next 18 months to acquire or develop up to five facilities.
Newcore will target assets in the south-east of England, as well as other regional locations, such as Bristol and Bath. Engage Managements Services, which was founded in 2009 to provide independent advice and management services to the self-storage industry, will manage the development side. The name of the operating brand hasn’t been fixed.
“We believe this is an opportune time to invest in the self-storage sector for our five-year investment horizon. The U.K. is still undersupplied in self-storage in the major urban conurbations, and there is little new supply coming onto the market. The sector has also proved resilient through the downturn.” said by Hugo Llewelyn, managing director of Newcore.
Newcore manages capital in real estate on behalf of family-office, institutional and private clients through funds and separate accounts. It has ?210 million of assets under management.