Franchising, retail, business
04/08/2015
A new joint venture (JV) is building up a portfolio of community shopping centres with its first acquisition being in the North East.
The Bridges Property Alternatives Fund III and community shopping centre investor Ellandi have exchanged contracts on the Parkway Shopping Centre in Middlesbrough in an off-market transaction worth £12.2m.
The property comprises a 117,000 sq ft Tesco Extra and a covered mall anchored by Iceland, Peacocks, Home Bargains and Boots.
The partners are set to redevelop the site and environmental features where possible, in order to reduce emissions and cut operating costs for tenants.
David Schlegel, investment manager at Bridges Ventures, said the JV was "excited" to have made its first investment.
"Parkway Shopping Centre plays a key role in the wider Coulby Newham community and we look forward to drawing on the expertise of Ellandi, which shares our view of how developments like this can support local communities, to improve the site in the coming months," he added.
Mark Robinson, property director at Ellandi, said: "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."
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.
Fonte:http://www.insidermedia.com/insider/north-east/144763-jv-acquires-middlesbrough-shopping-centre/
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