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Newcore Capital initiates £100M value-add real estate fund

U.K. real estate investment manager Newcore Capital Management LLP launched a £100 million value-add fund that will target U.K. property assets tied to social infrastructure, storage and accommodation.

Newcore Strategic Situations IV LP secured equity commitments of £55 million at its initial close from Merseyside Pension Fund and another U.K. local authority pension fund, as well as its existing family office client base.

The fund's final close is expected to occur in the first quarter of 2019. It will look to deliver a net internal rate of return of between 14% and 16% per annum to investors.

Newcore recently completed a £40 million investment program for its Newcore Strategic Situations III LP fund.

CBRE Capital Advisors is acting as adviser to Newcore in the fundraising.