Intu sells remaining stake of Derby shopping centre
Intu has sold its remaining stake in its Derby shopping centre to real estate investment firm Cale Street Partners.
Cale Street now has full control of the shopping destination after intu fell into administration in June.
The management and operation of the shopping centre will be the responsibility of international property firm Savills and its former executive director of Capital & Regional, Ken Ford.
In 2019, Cale Street Partners paid £186.3m for 50% of the centre in a deal funded by the London-based Kuwaiti Investment Office.
It will be known as the Derby Centre for the time being, with the building being rebranded within the next few months.
Jim Tucker, joint administrator of Intu Properties PLC, said: “This is the first Intu centre to migrate to new management and ownership following the administration of the Group’s Topcos back in June, and as such marks a key milestone in the administration process.
“To have achieved such a smooth and orderly handover in such a short timescale is a testament to the hard work and commitment of everyone involved, not least the Intu Derby employees who have continued to work with enthusiasm and professionalism throughout the administration. We wish the team in Derby all the very best.”
Ken Ford added: “The fundamentals of Derby remain strong and I am looking forward to working with the team to develop a repositioning strategy that will ensure the centre can continue its positive trajectory.
“The centre enjoys high levels of interest from national brands, thanks to its strong catchment and footfall, and our plans will only help further this potential.”