Croydon Council is to loan retail company Boxpark £3m to finance a pop-up mall in East Croydon.

The money will help to set up a shopping centre, similar to Boxpark's mall in Shoreditch, constructed of refitted shopping containers at the edge of Ruskin Square.

The mall, scheduled to open in summer next year, will include 80 shops, bars and restaurants. 

The loan will come from what the council's revolving investment fund. The council said returns would be used to support future developments.

MARCH 2015: Shoreditch pop-up mall Boxpark to open in Croydon in summer 2016

A spokesman said: "The council has granted a loan on commercial terms to help bring the Boxpark scheme to Croydon, having seen how successful it has been in Shoreditch. 

"We believe this exciting project will bring huge benefits to Croydon.

"It contributes to the regeneration and transformation of the borough, bringing in hundreds of new jobs, attracting visitors and drawing in customers and new businesses from across the south-east."

Boxpark Croydon is expected be open for three years before giving way to Stanhope and Schroder's £500m Ruskin Square development in 2019.

The Shoreditch mall will shut next year.