Grays: What a Gray day!
Posted by Mark on 19th Oct 2010
Ellandi is pleased to confirm that we have exchanged contracts to purchase Grays Shopping Centre in Essex in partnership with Rockspring (http://www.rockspringpim.com/main.asp).
This latest purchase continues to build on our track record of working with property focused equity partners who share our strategic view that there will be significant returns to be made over the medium term in repositioning secondary assets.
It is also pleasing that this is a further transaction we have sourced and transacted with a bank, or in this case a special servicer Morgan Stanley Mortgage Servicing, albeit that during the process they appointed Savills as receiver.
We will now implement a business plan over the medium term that will see us turn around years of underinvestment and management indifference, to build upon the shopping centre's position as a convenience and discount retail destination serving it's local population.
Nick Cook at Douglas Stevens (http://www.douglasstevens.co.uk/) will be reappointed as sole agent on the scheme and can be contacted by any interested occupiers.