Administrators of intu properties plc conclude migration of intu Derby
Administrators of intu properties plc
The joint administrators of intu properties plc today confirm the migration of intu Derby to new management and ownership.
The joint administrators of intu properties plc today confirm the migration of intu Derby to new management and ownership, with Cale Street Investments as advisor to CSI Anglia LP consolidating its ownership of the centre, thereby securing full control.
This is the first intu centre to migrate its operations to new ownership following the administration of the Group’s Topcos in June 2020, and as such marks a key milestone in the administration process.
The centre management team will be led by international real estate advisor Savills and Ken Ford, former Executive Director of Capital & Regional.
Jim Tucker, partner at KPMG and joint administrator of intu properties plc, commented: “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.
“We continue to engage in constructive discussions with the management teams at the other intu propcos regarding their respective migration plans, in accordance with the Transitional Service Agreements reached at the outset of the administration.”
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