- Specialist regeneration developer U+I said it had formed a joint venture partnership with privately held real estate investor Yoo Capital Investment Management.

The partnership was formed via Yoo Capital Investment Management acquiring a majority ownership interest in Shepherd's Bush Market for its Yoo Capital Fund II.

The joint venture structure would 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.

U+I said the scheme would realise future development management fees for U+I, as well as a potential share of development profits in the next five years.

The deal also involved a reduction in U+I joint venture debt secured against the project, resulting in the company's look through gearing falling by to around 59% from 68%.

'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,' development manager Richard Upton said.

'The new capital arrangement will reduce debt for U+I as it continues to strengthen its balance sheet.'

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