Newcore Capital Management has completed a £24m re-alignment of the property portfolio of one of its family office, separate account clients.
Newcore has sold £10m of sheds and offices in the Midlands and reinvested in assets in the South East, including nine acres of land in Croydon, south-east London, purchased for £2.2m and now under agreement to be sold subject to planning consent to a housing association for social housing.
Acquisitions also included Lionmede, a vacant nursery in Chelmsford, Essex; and a 29,355 sq ft oil depot and 17,620 sq ft of business space at Station Road in Cambridge.
Newcore refinanced the family office’s debt, agreeing a new £12m revolving credit facility with Lloyds Bank.
Hugo Llewelyn, managing director of Newcore, said: “We have been fortunate to deliver a strong performance for this account over the past three years, notwithstanding the changes.
“In 2015 the company generated a total unleveraged return of 14% and in three years it has generated total unleveraged returns of 20.2% a year.”
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