intu close to selling stake in Derby mall, say reports
The intu Derby shopping cente could be about to change hands, according to reports.
The Sunday Times says that intu is in talks with Cale Street Partners, an investor backed by Kuwait’s sovereign wealth fund, to sell a 50% share in the mall, in a deal which would create a joint venture that would see Cale Street paying intu management fees.
intu bought the Derby centre in 2014 from Westfield in a £390.3m deal in 2014.
In November, a £2.9bn deal to take over intu which would have created the UK’s largest property firm collapsed after a buying consortium pulled out of the deal citing ‘market volatility’.
intu had been locked in talks with a consortium led by Manchester- based Peel Properties which also includes Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management.
