Launch Of New Community Shopping Centre Investment Platform
National law firm Irwin Mitchell’s Real Estate Department has advised Ellandi, the UK’s leading community shopping centre investor, on its new joint venture with The Bridges Property Alternatives Fund III, managed by specialist sustainable and impact investor Bridges Ventures (“Bridges”). The new JV plans to build a portfolio of community shopping centres.
The partners have completed their first acquisition - the Parkway Shopping Centre in Coulby Newham, Middlesbrough. This 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, commented: “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.” He continued: “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.”
The Irwin Mitchell team was led by Real Estate Partner Jo Footitt, assisted by Emma McPeake, Associate, with Real Estate Finance Partner Simon Tweedle and Sarah Gauer advising on the financing aspects. Jayne Schnider, Corporate Real Estate Partner and Paul Smith advised Ellandi on the joint venture agreement and Lee Sheldon at Addleshaw Goddard acted for Bridges Ventures. MMS acted for the Seller.