intu forms JV with Kuwait-backed Cale Street


April 22, 2019 | By RetailME Bureau

UK-based real estate company, intu properties plc has announced a 50/50 joint venture with Cale Street Investments LP, an investment firm backed by the Kuwait Investment Office, London – which is part of the Kuwait Investment Authority – for the intu Derby shopping centre.

Cale Street will acquire for cash the 50% interest for consideration which values their share of the property at £186.3 million, before taking account of senior debt finance and customary working capital adjustments.

intu will continue to manage the shopping centre on behalf of the joint venture. The closing of the transaction will be subject to completing senior debt finance, the discussions for which are underway.

“We are pleased to announce our new partnership with Cale Street and look forward to working with them at intu Derby. In what is a challenging investment market, this innovative transaction, which is in line with the December 2018 valuation, shows intu is delivering on its strategy of reducing loan to value through disposals and part-disposals. On a pro-forma basis, we expect the impact of this transaction to reduce our loan to value by around one per cent,” said Matthew Roberts, chief executive designate for intu.

intu Derby is a key retail and leisure destination, located in the centre of Derby. It records an annual footfall of 22 million. The 1.3 million sqft centre was extended and redeveloped in 2007 and is home to retail brands such as Marks & Spencer, Debenhams, Next, H&M, Sainsbury’s, Zara, Hollywood Bowl and Showcase Cinema de Lux, to name a few.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



Locally-owned supermarket Spinneys and pharmacy retailer Aster Pharmacy have joined forces to 

Continue Reading

September 5, 2022 | By RetailME Bureau
The pandemic has undoubtedly affected us all

Majid Al Futtaim has announced its audit reviewed operational and financial results 

Continue Reading

August 24, 2022 | By RetailME Bureau

Dubai’s largest developer Emaar has announced that it will sell it’s online 

Continue Reading

August 22, 2022 | By RetailME Bureau

Walmart announced this week that it will offer Paramount Global’s streaming service 

Continue Reading

August 19, 2022 | By RetailME Bureau

Employee retention has been on every company’s minds, especially since the fears 

Continue Reading

August 16, 2022 | By Shruthi Nair

The Frozen Chicken’ as Spinneys was fondly referred to back in the 

Continue Reading

August 8, 2022 | By Shruthi Nair

Veppy.com, a Q-Commerce marketplace startup just announced their go live date in the 

Continue Reading

July 20, 2022 | By Justina Eitzinger

GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading 

Continue Reading

July 19, 2022 | By Justina Eitzinger

Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot 

Continue Reading

May 9, 2022 | By Shruthi Nair

Eid Al-Fitr is an occasion to gather with your friends and family 

Continue Reading

April 29, 2022 | By Zubina Ahmed

Leading retailer LuLu Group further strengthened its presence in the Emirate of 

Continue Reading

April 28, 2022 | By RetailME Bureau

Jones the Grocer, the Australian gourmet grocer and café chain, announces further 

Continue Reading

April 28, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine