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Sign in Sign up for a FREE subscriptionintu sells 50 percent stake in U.K. shopping center
intu properties and Cale Street Investments have established a 50-50 joint venture for the intu Derby shopping center located in the center of Derby, United Kingdom.
The deal entails the acquisition of 50 percent interest in the property by Cale Street for £186.3 million ($240 million).
intu Derby is a key retail and leisure destination in the East Midlands, with an annual footfall of 22 million. The 1.3 million-square-foot center was extended and redeveloped in 2007 and provides over 200 units and includes key retailers such as M&S, Debenhams, Next, H&M, Sainsbury’s, Zara, Hollywood Bowl and Showcase Cinema de Lux.
intu will continue to manage the center on behalf of the joint venture. The transaction further advances intu’s stated strategy of reducing its debt to assets ratio through disposals, part-disposals and introducing partners to assets. Following the joint venture financing process, intu will use the net proceeds of the transaction to r
