Administrators sell stake in shopping centre

Stricken shopping mall owner intu has sold its remaining stake in its Derby mall to real estate investment firm Cale Street Partners.

Cale Street has now taken full control of the venue after intu fell into administration in June.

The management and day-to-day operation of the 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 half of the centre in a deal funded by the London-based Kuwaiti Investment Office.

Jim Tucker, joint administrator of intu properties, 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.”

Leader of Derby City Council, councillor Chris Poulter said: “We have enjoyed a long and successful partnership with intu Derby’s local management team and will be seeking to continue that relationship with the new owners.”

A full rebranding project will be undertaken in the coming months, with the name Derby Centre used as an interim measure.

Ford said: “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.”