"Cornerstone of west London culture" set for regeneration with new joint venture
A new joint venture between a regeneration specialist and an investment firm will bring forward the development of an ‘iconic’ West London market.
Developer U+I has announced that Yoo Capital Investment Management has acquired a majority ownership interest in Shepherd’s Bush Market for its Yoo Capital Fund II L.P., with the two firms forming a joint venture.
It is expected that the venture will accelerate the regeneration of Shepherd’s Bush Market in West London and the adjoining land for mixed-use development.
Richard Upton, chief development officer at U+I, commented: “Yoo Capital has significant place-making experience and is the right partner to accelerate the regeneration of Shepherd’s Bush Market, working closely with the local community and stakeholders to invest in supporting and enhancing this cornerstone of west London culture.”
Yoo Capital owns the majority of the venture with 75.5 per cent, with U+I owning the remaining 24.5 per cent. The scheme will realise future development management fees for U+I, as well as a potential share of development profits over the next five years.
In addition, the partnership also involved a reduction in U+I joint venture debt secured against the project. Richard added: “The new capital arrangement will reduce debt for U+I as it continues to strengthen its balance sheet.”
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