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London-based sustainable investor has acquired a major regional shopping centre for £15m

Bridges Fund Management, the London and New York-based sustainable investor, has acquired the Antonine Shopping Centre in Cumbernauld as part of a joint venture with Scoop Asset Management.

The fund manager has paid around £15m for the 200,000 sq ft shopping centre near Glasgow, which boasts tenants including Next, Dorothy Perkins and Sports Direct amongst 42 other retailers.

It marks the third shopping centre investment for Bridges, having previously invested in the Parkway Shopping Centre in Coulby Newham and the Pentagon Shopping Centre in Chatham.

Tom Tyler, Investment Director at Bridges, commented: “We’re delighted to have made our third investment in this sector. In-town shopping centres play a vital role in places like Cumbernauld – creating jobs and providing better access to goods and services.

“The Antonine Centre is a modern, high-quality centre with a broad multiple retail offer, convenient access and free parking.

“It is located in a European Assisted Area, and we believe that through our investment, we can create a more valuable asset that also has clear benefits to the local community – in line with our strategy of investing to achieve strong returns for our investors and demonstrable social impact.”

The investment has been made through the Bridges Property Alternatives Fund IV. Savills will act as the centre’s managing agent with Colliers and Gunn Property Consultants retained as letting agents.