World Markets

Intu Properties, Cale Street in shopping centre joint venture

April 18 (Reuters) - British shopping centre operator Intu Properties Plc on Thursday said it would form a joint venture with Cale Street for the Intu derby shopping centre.

Cale Street Investments, an investment firm backed by the Kuwait Investment Office, would acquire a 50 percent interest in the property for 186.3 million pounds ($242.97 million).

The company said the proposed transaction advances Intu's plan of reducing its debt to assets ratio through disposals and part-disposals.

($1 = 0.7668 pounds)

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