// Intu Derby has been taken over by Cale Street Investments
// Cale Street is backed by the Kuwait Investment Office
// The investment firm paid £186.3m last year for a 50% stake in Intu Derby
Intu Derby has become the first of 17 Intu shopping centres to change hands since its parent company failed to agree terms with creditors in June.
A firm backed by the London-based Kuwait Investment Office has taken full ownership of Intu’s Derby shopping centre.
The move comes after Cale Street Investments paid £186.3 million last year for a 50 per cent stake in the unit, though the price paid for the shopping centre remains disclosed.
The firm said that the site will be known as the Derby Centre for the time being, and the building will be rebranded within the next few months.
“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,” Intu joint administrator Jim Tucker said.
“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.”
Meanwhile, property firm Savills and former Capital & Regional executive director Ken Ford
will be responsible for the management and day-to-day operation of the Derby Centre.
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.”
Intu Derby purchased the centre from Westfield which opened the shopping centre following a giant refurbishment of the former Eagle Centre in 2007.
It now attracts an annual footfall of more than 21 million and the space is more than 90 per cent let.
There are over 200 shops, including Next, Zara, H&M, M&S, Hugo Boss, Whistles, The Disney Store, Lush and JD Sports at the centre.
Intu Derby general manager Adam Tamsett said: “The centre has proven extremely resilient in recent months with an occupation rate above 90 per cent.
“The new management team will help build on this success to develop a new vision for the centre, and the onsite team are optimistic about the opportunities that lie ahead.”
Derby Centre said that while the name has been changed, a full rebranding project is underway “which will take a few months to complete”.
Moreover, the Intu Derby logo will remain across the building for a short period of time.