Ellandi and Bridges target community shopping centres
Posted by Property Week on 31st Jul 2015
The Bridges Property Alternatives Fund III and Ellandi plan to build a portfolio of in-town shopping centres, where they intend to use intensive asset management strategies to boost returns and improve social outcomes for the local area.
The partners have already exchanged on their first acquisition - the £12.2m Parkway Shopping Centre in Coulby Newham, Middlesbrough.
The freehold investment comprises a 117,000 sq ft Tesco Extra, and a covered mall of over 93,000 sq ft anchored by Iceland, Peacocks, Home Bargains and Boots.
The partners will look to redevelop the site to add environmental features where possible, in order to reduce emissions and cut operating costs for tenants.
Mark Robinson, property director at Ellandi, said: “Ellandi has always believed that our returns should also be measured in terms of the impact that we make on the communities where we invest, so it is very exciting to be aligned with a financial partner that has similar core values.”
The investment is in line with one of Bridges’ key impact themes: increasing economic and social dynamism in underserved areas of the UK.
David Schlegel, investment manager at Bridges Ventures, added: “We are excited to have made our first investment in this sector, in line with our strategy of committing capital to assets in underserved areas with multiple asset management and development opportunities – through which we can deliver strong returns for investors and demonstrable social impact.”
Ellandi and Bridges Ventures were represented by Lisney. The vendor was a privately-owned property company advised by Lambert Smith Hampson. Barker Proudlove and Knight Frank will act as letting agents on the scheme.