Intu’s £186m Derby deal

UNDER-PRESSURE shopping centre operator Intu has sold a 50pc stake in its Derby mall to the investment firm Cale Street for £186m.

The Kuwait-backed retail investor enters into the joint venture as Intu looks to cut debt through disposals and part-disposals. In its latest annual report, Intu said that it had net external debt of £4.87bn as it swung to a £1.17bn loss. Hammerson and Peel Group walked away from takeover bids for the company last year.

Intu Derby, in the centre of the city, attracts 22m shoppers a year.