Ellandi and Bridges Ventures have emerged as frontrunners to buy the Pentagon Centre in Chatham, Kent, from Nama.
The duo are close to securing the 330,000 sq ft scheme for £42m – a 7% yield – in what would be the second investment for the ethical joint venture.
The £100m jv, launched earlier this summer, targets run-down shopping centres in deprived areas where investment would make a significant contribution to the economic health of the local area.
Ellandi is already the asset manager of the scheme on behalf of Nama.
JLL advised Nama on the disposal of the site.
