Macfarlanes advises Intu Properties on completion of refinance and joint venture deal for Intu Derby shopping centre
Together the two companies will own Intu Derby’s 200 store shopping centre on a 50/50 basis.
In what is likely to be one of the biggest retail investment transactions of 2019, the consideration payable to Intu by Cale Street was calculated by reference to the December 2018 book value of the centre of £372.5m. Senior debt finance of £150m was also raised in the joint venture with Deutsche Bank.
The Macfarlanes team was led by real estate partner Dan Marriott alongside real estate senior counsel Cate Taylor, senior solicitor Hayley Cole provided planning advice and senior solicitor Bethan Ellis-Jones assisted with construction expertise. Tax advice came from tax and reward partner Mark Baldwin and senior solicitor Sarah Shucksmith.
Dan Marriott comments: “We were delighted to work with long-standing client Intu Properties once again on this innovative deal which has been of significant interest to the market.”