intu has attracted a 50% partner in its Derby mall in a massive deal worth £186.3m.
Investment firm Cale Street Partners, which is backed by London-based Kuwait Investment Office, will form a joint venture with intu to run the Derby centre.
Matthew Roberts, Chief Executive Designate of intu said: “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.”
John Forkin, Managing Director of Marketing Derby said "This is a big vote of confidence in Derby - these investors really can go anywhere. The investors were very impressed with the public-private partnership here in Derby and we have been able to paint a broader vision for the city with many of the developments planned in the area adjacent to intu Derby, including the residential schemes at Castleward and DRI site and mixed development schemes in St Peters Quarter."