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Newcore Capital to invest £25M in UK self-storage assets

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Newcore Capital to invest £25M in UK self-storage assets

Real estate investment manager Newcore Capital Management LLP formed a partnership with operator Engage Management Services to target the U.K.'s self-storage sector.

Newcore is committing an initial £10 million of equity from its £100 million Newcore Strategic Situations IV value-add fund to build a portfolio of freehold self-storage assets in the U.K., and expects to commit £25 million in the sector over the next 18 months, focusing on the southeast of England, as well as other regional locations.

Newcore noted that it will buy existing buildings or sites on which to build new facilities.

The fund will own the assets, while Engage Management Services will be the operator and development manager.