Ellandi and Bridges Ventures investment platform makes first acquisition

Published:  03 September, 2015

The joint venture between Bridges and Ellandi will build a portfolio of community shopping centres in the coming months. 

The partners have already exchanged on their first acquisition - the Parkway shopping centre in Coulby Newham, Middlesbrough - bought for Ł12.2m. 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.

“Coulby Newham has been privately owned and under-invested for a number of years. We are looking forward to implementing strategies that will bring employment opportunities, better social engagement and sustainable energy strategies to this asset.”

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.”

“Parkway shopping centre plays a key role in the wider Coulby Newham community, and we look forward to drawing on the expertise of Ellandi – who share our view of how developments like this can support local communities – to improve this site in the coming months.”

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. 

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