Linklaters advise intu on joint venture with Cale Street Investments on intu Derby shopping centre worth £372m

Linklaters have advised intu properties plc, which owns and manages some of the leading shopping centres in the UK and Spain, in relation to the entry into a joint venture with Cale Street Investments LP in relation to the intu Derby shopping centre. The transaction values the centre at over £372 million. The transaction constitutes part of intu’s stated strategy to reduce its debt.

Linklaters advised intu in relation to the corporate elements of the sale, joint venture arrangements and property management agreements. In addition, Linklaters provided intu with structured finance advice in respect of the withdrawal of the intu Derby shopping centre from the intu group’s existing secured financing structure and financing advice in connection with the £150 million senior debt finance raised by the joint venture from Deutsche Bank.

Intu will continue to manage the centre which is located in the centre of Derby and is a key retail and leisure destination in the East Midlands, with an annual footfall of 22 million. The 1.3 million sq. ft. centre was extended and redeveloped in 2007 and provides over 200 units and includes key retailers such as M&S, Debenhams, Next, H&M, Sainsbury's, Zara, Hollywood Bowl and Showcase Cinema de Lux.

The Linklaters team working on the transaction was led by corporate partner Iain Wagstaff and corporate managing associate Matthew Plaskow, structured finance partner Adam Fogarty and banking partner Jeremy Stokeld