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Intu, Cale Street Form 50/50 JV For Intu Derby Shopping Centre

intu properties (INTU.L), which owns and manages shopping centres across UK and Spain, on Thursday, along with Cale Street Investments LP, announced formation of a 50/50 joint venture for the intu Derby shopping centre.

Cale Street, an investment firm backed by the Kuwait Investment Office, London, will buy 50 percent stake in the joint venture, which values their share of the property at 186.3 million pounds, before taking account of senior debt finance and customary working capital adjustments.

intu Derby, which is located in the centre of Derby, with an annual footfall of 22 million, includes key retailers such as M&S, Debenhams, Next, H&M, Sainsbury's, Zara, Hollywood Bowl and Showcase Cinema de Lux.

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