Cale Street takes control of intu Derby

Cale Street Investments has taken a full stake in intu Derby, while Savills and former Capital & Regional executive director Ken Ford will manage the centre. Kuwaiti-backed Cale Street, which bought 50% of intu Derby last year in a complex debt deal, will advise a vehicle called CSI Anglia that will consolidate its ownership. It is the first centre to migrate its operations to new ownership following the administration of the group’s topcos in June. Jim Tucker, partner at KPMG and joint administrator of intu properties, said: “This first completed migration is an important milestone in the administration of intu. “One of our principal objectives as administrators was to achieve a smooth and orderly transition of each of the intu centres to new management, while also playing our part in ensuring that each of the group’s 17 centres continued to open and operate as normal. “To have achieved this for intu Derby, less than three months after our appointment, is testament to the hard work and commitment of everyone involved at intu, and Derby’s proactive approach in paying in full for the services we have been providing.” He added that “constructive discussions” are ongoing with the management teams at the other intu propcos. See also: Asset managers lined up for intu portfolio To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette