intu properties/Cale Street Investments - intu Derby shopping centre joint venture

Overview:

• intu properties has entered into a joint venture deal with Cale Street Investments, an investment firm backed by the Kuwait Investment Office, in relation to intu Derby's 200 store shopping centre. The venture is on a 50/50 basis.
• Under the venture Cale Street will pay intu a fee calculated by reference to the December 2018 book value of the centre of £372.5 million. £150 million was also raised as part of the deal from Deutsche Bank.
• Intu will continue to manage the centre located in Derby. It has an annual footfall of 22 million. The 1.3 million square foot centre was extended and redeveloped in 2007 and provides over 200 units and including retailers such as M&S, Debenhams, Next, H&M, Sainsbury's, Zara, Hollywood Bowl and Showcase Cinema de Lux. 

Sam Duke