Yoo Capital Investment Management has acquired a majority ownership interest in Shepherd's Bush Market for the Yoo Capital Fund II, L.P. (YCFII), forming a joint venture partnership with U+I.
Yoo Capital is a privately held real estate investment firm, with over £2 billion assets under management.
The new joint venture will bring forward the regeneration of Shepherd's Bush Market in West London and the adjoining land for mixed-use development, with Yoo Capital owning 75.5% and U+I 24.5% of the new partnership.
The scheme will realise future development management fees for U+I, as well as a potential share of development profits in the next five years. The transaction also involved a reduction in U+I joint venture debt secured against the project, resulting in the Company's look through gearing reducing by circa 8.5% (from 68% to about 59%).
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. The new capital arrangement will reduce debt for U+I as it continues to strengthen its balance sheet."