Pentagon Shopping Centre
Bridges Property Alternatives Fund III
Date of Initial Investment
Challenge: The closing of the Naval Dockyard in 1984 affected the town of Chatham very badly – unemployment rates hit almost 24%, and the region suffered from low business diversity, holding up economic recovery. It has taken a full generation for the region to start to make a solid recovery.
Investable solution: Retail-led regeneration can be a powerful mechanism to stimulate growth, helping to boost the local economy, create jobs and generate a community culture. Retail employment opportunities also go to a wide range of socio-economic groups including low-income families and disadvantaged groups, helping to promote social inclusion. Community shopping centres present a substantial opportunity to use retail-led growth to directly benefit local economies.
Bridges has teamed up with Ellandi, the UK’s leading community shopping centre investor, to form a joint venture to invest in community shopping centres across the UK. Ellandi have a strong track record in transforming shopping centres to create better quality, safer and more cohesive neighbourhoods. Pentagon Shopping Centre is the second investment made in partnership with Ellandi.
Outcomes: The investment will fill up vacant commercial space, providing jobs and economic dynamism to the local area. The partnership is looking into expansion possibilities as well.
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